Published On: Fri, Sep 23rd, 2016

AK Steel Holding Corp. (AKS) Bonds Trading 2.8% Higher

An issue of AK Steel Holding Corp. (NYSE:AKS) debt rose 2.8% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 7.625% coupon and is set to mature on October 1, 2021. The debt is now trading at $96.26 and was trading at $91.50 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.
Several analysts have issued reports on AKS shares. Vetr raised AK Steel Holding Corp. from a “hold” rating to a “strong-buy” rating and set a $5.78 price target on the stock in a research note on Wednesday, August 24th. Barclays PLC lifted their price target on AK Steel Holding Corp. from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 3rd. Jefferies Group dropped their price target on AK Steel Holding Corp. from $5.50 to $4.50 and set a “hold” rating on the stock in a research note on Thursday, September 15th. Zacks Investment Research downgraded AK Steel Holding Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, August 16th. Finally, Morgan Stanley restated a “hold” rating on shares of AK Steel Holding Corp. in a report on Tuesday, August 16th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $5.05.
Shares of AK Steel Holding Corp. (NYSE:AKS) opened at 4.78 on Friday. The stock’s 50 day moving average price is $4.78 and its 200-day moving average price is $4.64. The company’s market cap is $1.14 billion. AK Steel Holding Corp. has a one year low of $1.64 and a one year high of $7.09.

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AK Steel Holding Corp. (NYSE:AKS) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.10. AK Steel Holding Corp. had a negative net margin of 2.18% and a negative return on equity of 12.89%. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business earned ($0.36) earnings per share. The business’s quarterly revenue was down 11.7% compared to the same quarter last year. On average, analysts expect that AK Steel Holding Corp. will post $0.32 EPS for the current year.
In related news, Director Vicente Wright sold 27,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $6.70, for a total value of $180,900.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.80% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of AKS. BlackRock Inc. raised its stake in AK Steel Holding Corp. by 61.5% in the first quarter. BlackRock Inc. now owns 24,495 shares of the company’s stock worth $101,000 after buying an additional 9,327 shares in the last quarter. SG Americas Securities LLC raised its stake in AK Steel Holding Corp. by 18.6% in the second quarter. SG Americas Securities LLC now owns 35,115 shares of the company’s stock worth $164,000 after buying an additional 5,510 shares in the last quarter. Alambic Investment Management L.P. acquired a new stake in AK Steel Holding Corp. during the second quarter worth $618,000. Prudential Financial Inc. raised its stake in AK Steel Holding Corp. by 4.1% in the first quarter. Prudential Financial Inc. now owns 422,629 shares of the company’s stock worth $1,745,000 after buying an additional 16,600 shares in the last quarter. Finally, Acrospire Investment Management LLC raised its stake in AK Steel Holding Corp. by 1,152.6% in the second quarter. Acrospire Investment Management LLC now owns 53,862 shares of the company’s stock worth $251,000 after buying an additional 49,562 shares in the last quarter. Institutional investors own 68.71% of the company’s stock.
About AK Steel Holding Corp.
AK Steel Holding Corporation is an integrated producer of flat-rolled carbon, stainless and electrical steels and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company operates approximately eight steelmaking and finishing plants, over two coke plants and approximately two tube manufacturing plants across states, which include Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia.

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