AK Steel (AKS) Debt Trading 1% Higher

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

Several equities analysts have commented on AKS shares. Clarkson Capital upgraded AK Steel from a “neutral” rating to a “buy” rating in a report on Tuesday, September 11th. Bank of America upgraded AK Steel from an “underperform” rating to a “buy” rating and set a $6.00 price target on the stock in a report on Friday, September 7th. Morgan Stanley downgraded AK Steel to a “buy” rating in a report on Tuesday, August 28th. Zacks Investment Research upgraded AK Steel from a “hold” rating to a “buy” rating and set a $5.00 price target on the stock in a report on Tuesday, July 17th. Finally, Deutsche Bank downgraded AK Steel from a “buy” rating to a “hold” rating and lowered their price target for the company from $6.00 to $5.00 in a report on Monday, July 9th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. AK Steel currently has a consensus rating of “Hold” and a consensus price target of $5.37.

AKS opened at $3.50 on Wednesday. AK Steel Holding Co. has a 1-year low of $3.42 and a 1-year high of $6.80. The company has a debt-to-equity ratio of 4.65, a current ratio of 2.03 and a quick ratio of 0.77. The company has a market capitalization of $1.20 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 1.04 and a beta of 2.82.

AK Steel (NYSE:AKS) last posted its quarterly earnings data on Thursday, October 25th. The basic materials company reported $0.21 earnings per share for the quarter, missing the 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 the consensus estimate of $1.82 billion. As a group, sell-side analysts predict that AK Steel Holding Co. will post 0.73 EPS for the current year.

In other AK Steel news, CEO Roger K. Newport acquired 10,000 shares of AK Steel stock in a transaction dated Wednesday, August 15th. The stock was bought at an average cost of $4.03 per share, with a total value of $40,300.00. Following the completion of the transaction, the chief executive officer now owns 451,297 shares of the company’s stock, valued at $1,818,726.91. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.13% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. New Jersey Better Educational Savings Trust lifted its position in AK Steel by 17.6% in the third quarter. New Jersey Better Educational Savings Trust now owns 100,000 shares of the basic materials company’s stock worth $490,000 after purchasing an additional 15,000 shares during the period. Northern Trust Corp lifted its position in AK Steel by 0.4% in the second quarter. Northern Trust Corp now owns 3,854,893 shares of the basic materials company’s stock worth $16,730,000 after purchasing an additional 16,163 shares during the period. Rhumbline Advisers lifted its position in AK Steel by 2.2% in the second quarter. Rhumbline Advisers now owns 790,942 shares of the basic materials company’s stock worth $3,433,000 after purchasing an additional 16,667 shares during the period. LPL Financial LLC lifted its position in AK Steel by 21.8% in the first quarter. LPL Financial LLC now owns 99,289 shares of the basic materials company’s stock worth $450,000 after purchasing an additional 17,739 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in AK Steel by 199.1% in the first quarter. Commonwealth Equity Services LLC now owns 30,484 shares of the basic materials company’s stock worth $138,000 after purchasing an additional 20,292 shares during the period. 64.58% of the stock is owned by institutional investors.

About AK Steel (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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