Bank of America Upgrades AK Steel (AKS) to Buy

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AK Steel (NYSE:AKS) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “buy” rating in a research note issued to investors on Friday, The Fly reports.

AKS has been the subject of several other research reports. Goldman Sachs Group lowered shares of AK Steel from a “neutral” rating to a “sell” rating and set a $4.00 price objective for the company. in a research note on Tuesday, May 29th. Morgan Stanley lowered shares of AK Steel to a “buy” rating in a research note on Tuesday, August 28th. ValuEngine lowered shares of AK Steel from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 24th. Deutsche Bank downgraded shares of AK Steel from a “buy” rating to a “hold” rating and reduced their price target for the company from $6.00 to $5.00 in a research report on Monday, July 9th. Finally, Zacks Investment Research raised shares of AK Steel from a “hold” rating to a “buy” rating and set a $5.00 price target for the company in a research report on Tuesday, July 17th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $5.33.

NYSE:AKS opened at $4.23 on Friday. The firm has a market capitalization of $1.37 billion, a PE ratio of 13.65, a P/E/G ratio of 1.21 and a beta of 2.85. The company has a debt-to-equity ratio of 5.49, a current ratio of 2.01 and a quick ratio of 0.76. AK Steel has a twelve month low of $4.00 and a twelve month high of $6.80.

AK Steel (NYSE:AKS) last released its quarterly earnings data on Monday, July 30th. The basic materials company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.75 billion. AK Steel had a negative net margin of 0.44% and a positive return on equity of 33.56%. The business’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 EPS. analysts forecast that AK Steel will post 0.72 EPS for the current fiscal year.

In other AK Steel news, CEO Roger K. Newport purchased 10,000 shares of AK Steel stock in a transaction that occurred on Wednesday, August 15th. The stock was acquired at an average price of $4.03 per share, with a total value of $40,300.00. Following the transaction, the chief executive officer now owns 451,297 shares in the company, valued at approximately $1,818,726.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.13% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. boosted its holdings in AK Steel by 106.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 22,076 shares of the basic materials company’s stock worth $100,000 after acquiring an additional 11,370 shares during the last quarter. BB&T Securities LLC purchased a new position in AK Steel during the 1st quarter worth $104,000. Centaurus Financial Inc. purchased a new position in AK Steel during the 2nd quarter worth $117,000. Truepoint Inc. boosted its holdings in AK Steel by 21,958.8% during the 2nd quarter. Truepoint Inc. now owns 30,000 shares of the basic materials company’s stock worth $130,000 after acquiring an additional 29,864 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in AK Steel by 136.6% during the 1st quarter. SG Americas Securities LLC now owns 30,130 shares of the basic materials company’s stock worth $136,000 after acquiring an additional 17,396 shares during the last quarter. 64.98% of the stock is currently owned by hedge funds and other institutional investors.

About AK Steel

AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless, and electrical steels, and tubular products in the United States and internationally. It produces flat-rolled carbon steel products, including coated, cold-rolled, and hot-rolled carbon steel products; grain-oriented specialty stainless and electrical steels; and carbon and stainless steel tubing products.

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