Published On: Sun, Sep 18th, 2016

Short Interest in AK Steel Holding Corp. (AKS) Expands By 6.2%

AK Steel Holding Corp. (NYSE:AKS) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 53,156,773 shares, a growth of 6.2% from the August 15th total of 50,068,893 shares. Approximately 23.0% of the shares of the company are sold short. Based on an average trading volume of 10,255,106 shares, the days-to-cover ratio is currently 5.2 days.
Shares of AK Steel Holding Corp. (NYSE:AKS) opened at 4.11 on Friday. AK Steel Holding Corp. has a 1-year low of $1.64 and a 1-year high of $7.09. The firm’s market capitalization is $978.99 million. The stock has a 50 day moving average price of $5.22 and a 200 day moving average price of $4.61.
AK Steel Holding Corp. (NYSE:AKS) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.10. The business earned $1.49 billion during the quarter, compared to analysts’ expectations of $1.53 billion. AK Steel Holding Corp. had a negative return on equity of 12.89% and a negative net margin of 2.18%. The firm’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.36) earnings per share. Equities research analysts anticipate that AK Steel Holding Corp. will post $0.32 earnings per share for the current fiscal year.

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In other AK Steel Holding Corp. news, Director Vicente Wright sold 27,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $6.70, for a total value of $180,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of AKS. Geode Capital Management LLC boosted its stake in shares of AK Steel Holding Corp. by 12.1% in the first quarter. Geode Capital Management LLC now owns 1,183,372 shares of the company’s stock valued at $4,887,000 after buying an additional 127,785 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of AK Steel Holding Corp. by 7.9% in the first quarter. UBS Asset Management Americas Inc. now owns 151,495 shares of the company’s stock valued at $626,000 after buying an additional 11,100 shares during the period. State Street Corp boosted its stake in shares of AK Steel Holding Corp. by 2.0% in the first quarter. State Street Corp now owns 8,477,471 shares of the company’s stock valued at $35,010,000 after buying an additional 164,136 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of AK Steel Holding Corp. during the first quarter valued at about $2,152,000. Finally, Spark Investment Management LLC boosted its stake in shares of AK Steel Holding Corp. by 27.5% in the first quarter. Spark Investment Management LLC now owns 1,946,200 shares of the company’s stock valued at $8,037,000 after buying an additional 419,200 shares during the period. Institutional investors and hedge funds own 71.90% of the company’s stock.
AKS has been the subject of a number of research reports. Credit Suisse Group AG upgraded AK Steel Holding Corp. from an “underperform” rating to an “outperform” rating and raised their price objective for the stock from $3.50 to $7.00 in a research report on Wednesday, June 8th. Jefferies Group raised their price objective on AK Steel Holding Corp. from $4.25 to $5.00 and gave the stock a “hold” rating in a research report on Friday, June 10th. Bank of America Corp. reiterated a “sell” rating on shares of AK Steel Holding Corp. in a research report on Thursday, June 16th. Zacks Investment Research upgraded AK Steel Holding Corp. from a “hold” rating to a “buy” rating and set a $4.50 price objective for the company in a research report on Tuesday, June 28th. Finally, Deutsche Bank AG reiterated a “sell” rating on shares of AK Steel Holding Corp. in a research report on Thursday, July 7th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $5.05.
AK Steel Holding Corp. Company Profile
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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