AK Steel (AKS) Bond Prices Rise 1%

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An issue of AK Steel Holding Co. (NYSE:AKS) debt rose 1% as a percentage of its face value during trading on Monday. The high-yield issue of debt has a 7% coupon and is set to mature on March 15, 2027. The debt is now trading at $90.00 and was trading at $94.69 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

AKS has been the subject of several analyst reports. Morgan Stanley cut AK Steel to a “buy” rating in a report on Tuesday, August 28th. Bank of America raised AK Steel from an “underperform” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Friday, September 7th. Clarkson Capital raised AK Steel from a “neutral” rating to a “buy” rating in a report on Tuesday, September 11th. ValuEngine cut AK Steel from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 24th. Finally, Seaport Global Securities initiated coverage on AK Steel in a report on Thursday, October 11th. They issued a “neutral” rating and a $5.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $5.37.

Shares of AK Steel stock opened at $3.65 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 2.03 and a debt-to-equity ratio of 4.65. AK Steel Holding Co. has a twelve month low of $3.55 and a twelve month high of $6.80. The stock has a market capitalization of $1.20 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.04 and a beta of 2.82.

AK Steel (NYSE:AKS) last announced its quarterly earnings results on Thursday, October 25th. The basic materials company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.02). AK Steel had a net margin of 0.67% and a return on equity of 45.52%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Analysts forecast that AK Steel Holding Co. will post 0.73 earnings per share for the current fiscal year.

In other AK Steel news, CEO Roger K. Newport purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was purchased at an average price of $4.03 per share, for a total transaction of $40,300.00. Following the purchase, the chief executive officer now directly owns 451,297 shares in the company, valued at $1,818,726.91. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.13% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. increased its stake in shares of AK Steel by 12.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,266,504 shares of the basic materials company’s stock valued at $9,837,000 after purchasing an additional 244,247 shares in the last quarter. Creative Planning increased its stake in shares of AK Steel by 5.8% in the 2nd quarter. Creative Planning now owns 1,810,936 shares of the basic materials company’s stock valued at $7,859,000 after purchasing an additional 100,004 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of AK Steel by 13.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 822,828 shares of the basic materials company’s stock valued at $3,571,000 after purchasing an additional 97,088 shares in the last quarter. United Services Automobile Association increased its stake in shares of AK Steel by 615.9% in the 2nd quarter. United Services Automobile Association now owns 344,674 shares of the basic materials company’s stock valued at $101,827,000 after purchasing an additional 296,531 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in AK Steel by 6.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,357,323 shares of the basic materials company’s stock worth $31,931,000 after buying an additional 460,313 shares in the last quarter. Hedge funds and other institutional investors own 64.58% of the company’s stock.

AK Steel Company Profile (NYSE:AKS)

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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