AK Steel (AKS) Debt Trading 4.1% Higher

An issue of AK Steel Holding Co. (NYSE:AKS) bonds rose 4.1% as a percentage of their face value during trading on Monday. The high-yield debt issue has a 7% coupon and is set to mature on March 15, 2027. The bonds in the issue are now trading at $104.00 and were trading at $99.63 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price.

AKS has been the subject of several research reports. Jefferies Group reissued a “buy” rating on shares of AK Steel in a report on Friday, November 10th. Longbow Research upgraded AK Steel from a “neutral” rating to a “buy” rating and increased their target price for the stock from $5.53 to $7.00 in a research report on Wednesday, December 20th. Zacks Investment Research upgraded AK Steel from a “hold” rating to a “buy” rating and set a $7.50 target price on the stock in a research report on Monday, January 8th. TheStreet downgraded AK Steel from a “c” rating to a “d+” rating in a research report on Tuesday, October 31st. Finally, Morgan Stanley dropped their target price on AK Steel from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $6.88.

Shares of AK Steel Holding Co. (NYSE:AKS) traded up $0.72 during mid-day trading on Monday, hitting $5.96. The company had a trading volume of 66,720,000 shares, compared to its average volume of 24,060,000. The company has a quick ratio of 0.69, a current ratio of 1.83 and a debt-to-equity ratio of 16.33. AK Steel Holding Co. has a one year low of $4.00 and a one year high of $9.19. The stock has a market capitalization of $1,880.00, a P/E ratio of 298.00, a PEG ratio of 2.24 and a beta of 2.87.

AK Steel (NYSE:AKS) last issued its quarterly earnings data on Tuesday, January 30th. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.07. AK Steel had a return on equity of 71.24% and a net margin of 0.16%. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the business posted $0.25 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. sell-side analysts predict that AK Steel Holding Co. will post 0.53 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of AKS. Northern Trust Corp raised its position in shares of AK Steel by 3.6% in the second quarter. Northern Trust Corp now owns 3,829,715 shares of the basic materials company’s stock worth $25,160,000 after buying an additional 132,062 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of AK Steel by 9.1% in the second quarter. Parametric Portfolio Associates LLC now owns 475,697 shares of the basic materials company’s stock worth $3,125,000 after buying an additional 39,824 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of AK Steel by 14.3% in the second quarter. Dimensional Fund Advisors LP now owns 6,162,355 shares of the basic materials company’s stock worth $40,489,000 after buying an additional 772,725 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of AK Steel by 2.1% in the second quarter. The Manufacturers Life Insurance Company now owns 245,143 shares of the basic materials company’s stock worth $1,611,000 after buying an additional 5,008 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of AK Steel by 0.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 21,887 shares of the basic materials company’s stock worth $144,000 after buying an additional 193 shares in the last quarter. Institutional investors own 67.79% of the company’s stock.

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About AK Steel

AK Steel Holding Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company also operates blast furnaces and electric arc furnaces. As of December 31, 2016, its operations included eight steelmaking and finishing plants, two coke plants and two tube manufacturing plants across states, including Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia, and a tube manufacturing plant in Mexico.

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