AK Steel (AKS) Bond Prices Rise 0.8%

An issue of AK Steel Holding (NYSE:AKS) bonds rose 0.8% against their face value during trading on Friday. The high-yield debt issue has a 6.375% coupon and will mature on October 15, 2025. The bonds in the issue are now trading at $93.00 and were trading at $92.22 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.

A number of research analysts have commented on the stock. ValuEngine upgraded shares of AK Steel from a “sell” rating to a “hold” rating in a research note on Friday, May 4th. Cowen reduced their price objective on shares of AK Steel from $5.00 to $4.50 and set a “market perform” rating on the stock in a research note on Tuesday, May 1st. BMO Capital Markets reduced their price objective on shares of AK Steel from $7.00 to $5.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 1st. Zacks Investment Research downgraded shares of AK Steel from a “hold” rating to a “sell” rating in a research note on Tuesday, March 13th. Finally, Jefferies Group reiterated a “hold” rating and set a $6.00 price objective on shares of AK Steel in a research note on Tuesday, January 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company. AK Steel has a consensus rating of “Hold” and a consensus target price of $6.27.

Shares of NYSE:AKS traded down $0.12 on Friday, reaching $4.70. 8,351,755 shares of the company’s stock were exchanged, compared to its average volume of 18,893,980. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 15.16, a price-to-earnings-growth ratio of 1.43 and a beta of 2.89. AK Steel Holding has a fifty-two week low of $4.00 and a fifty-two week high of $7.04. The company has a debt-to-equity ratio of 6.34, a quick ratio of 0.76 and a current ratio of 2.09.

AK Steel (NYSE:AKS) last issued its earnings results on Monday, April 30th. The basic materials company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.06. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.58 billion. AK Steel had a negative net margin of 0.38% and a positive return on equity of 37.76%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.19 earnings per share. sell-side analysts expect that AK Steel Holding will post 0.66 EPS for the current fiscal year.

In other AK Steel news, Chairman James A. Thomson sold 10,270 shares of the stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $4.45, for a total transaction of $45,701.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.13% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the business. Louisiana State Employees Retirement System raised its holdings in shares of AK Steel by 6.1% during the fourth quarter. Louisiana State Employees Retirement System now owns 135,400 shares of the basic materials company’s stock worth $766,000 after purchasing an additional 7,800 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of AK Steel by 106.2% during the first quarter. PNC Financial Services Group Inc. now owns 22,076 shares of the basic materials company’s stock worth $100,000 after purchasing an additional 11,370 shares during the period. California Public Employees Retirement System raised its holdings in shares of AK Steel by 3.5% during the fourth quarter. California Public Employees Retirement System now owns 428,300 shares of the basic materials company’s stock worth $2,424,000 after purchasing an additional 14,300 shares during the period. MetLife Investment Advisors LLC increased its holdings in shares of AK Steel by 11.7% in the 1st quarter. MetLife Investment Advisors LLC now owns 143,725 shares of the basic materials company’s stock worth $651,000 after acquiring an additional 15,052 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of AK Steel by 11.5% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 154,231 shares of the basic materials company’s stock worth $874,000 after acquiring an additional 15,950 shares during the period. 67.73% of the stock is currently owned by 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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