AK Steel Holding Corporation (AKS) Stock Price Down 4.8% After Analyst Downgrade

AK Steel Holding Corporation (NYSE:AKS) traded down 4.8% during mid-day trading on Wednesday after BMO Capital Markets lowered their price target on the stock from $7.00 to $5.00. BMO Capital Markets currently has a market perform rating on the stock. AK Steel Holding Corporation traded as low as $4.58 and last traded at $4.37. 41,315,980 shares changed hands during trading, an increase of 163% from the average session volume of 15,728,800 shares. The stock had previously closed at $4.59.

Other equities research analysts have also issued reports about the stock. Clarkson Capital raised shares of AK Steel Holding Corporation from a “neutral” rating to a “buy” rating in a report on Wednesday, July 26th. J P Morgan Chase & Co reduced their target price on shares of AK Steel Holding Corporation from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday. Longbow Research lowered shares of AK Steel Holding Corporation from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $6.20 to $6.24 in a report on Thursday, July 27th. KeyCorp reissued a “hold” rating on shares of AK Steel Holding Corporation in a report on Tuesday, September 19th. Finally, Macquarie initiated coverage on shares of AK Steel Holding Corporation in a report on Wednesday, September 6th. They set an “outperform” rating and a $7.00 target price on the stock. Eleven analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. AK Steel Holding Corporation has a consensus rating of “Hold” and an average price target of $7.85.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp acquired a new position in AK Steel Holding Corporation during the first quarter worth $110,000. Alps Advisors Inc. raised its holdings in AK Steel Holding Corporation by 35.0% during the second quarter. Alps Advisors Inc. now owns 17,639 shares of the basic materials company’s stock worth $116,000 after buying an additional 4,573 shares during the last quarter. Riverhead Capital Management LLC raised its holdings in AK Steel Holding Corporation by 74.4% during the second quarter. Riverhead Capital Management LLC now owns 17,616 shares of the basic materials company’s stock worth $116,000 after buying an additional 7,516 shares during the last quarter. World Asset Management Inc raised its holdings in AK Steel Holding Corporation by 2.5% during the second quarter. World Asset Management Inc now owns 20,471 shares of the basic materials company’s stock worth $134,000 after buying an additional 502 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in AK Steel Holding Corporation during the second quarter worth $135,000. Hedge funds and other institutional investors own 70.70% of the company’s stock.

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AK Steel Holding Corporation Company Profile

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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