AK Steel (AKS) Shares Gap Down to $6.09

AK Steel Holding Co. (NYSE:AKS) shares gapped down prior to trading on Wednesday . The stock had previously closed at $5.73, but opened at $6.09. AK Steel shares last traded at $6.36, with a volume of 17829564 shares traded.

AKS has been the topic of several research analyst reports. BMO Capital Markets restated a “hold” rating on shares of AK Steel in a research report on Thursday, November 2nd. Zacks Investment Research raised AK Steel from a “hold” rating to a “buy” rating and set a $7.50 target price for the company in a research note on Monday. Cowen reaffirmed a “hold” rating and issued a $7.00 target price on shares of AK Steel in a research note on Thursday, January 4th. Citigroup cut their target price on AK Steel from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, November 2nd. Finally, JPMorgan Chase & Co. cut their target price on AK Steel from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, November 1st. Eight research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. AK Steel currently has a consensus rating of “Buy” and a consensus target price of $7.54.

The company has a debt-to-equity ratio of 11.89, a current ratio of 1.92 and a quick ratio of 0.75. The firm has a market capitalization of $2,010.00, a price-to-earnings ratio of 42.87, a PEG ratio of 2.08 and a beta of 2.90.

A number of institutional investors and hedge funds have recently bought and sold shares of AKS. Crow Point Partners LLC bought a new position in AK Steel in the fourth quarter worth $110,000. Riverhead Capital Management LLC increased its holdings in shares of AK Steel by 74.4% during the second quarter. Riverhead Capital Management LLC now owns 17,616 shares of the basic materials company’s stock valued at $116,000 after acquiring an additional 7,516 shares in the last quarter. MML Investors Services LLC bought a new position in shares of AK Steel during the second quarter valued at $141,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of AK Steel by 0.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 21,887 shares of the basic materials company’s stock valued at $144,000 after acquiring an additional 193 shares in the last quarter. Finally, IPG Investment Advisors LLC bought a new position in shares of AK Steel during the third quarter valued at $145,000. Institutional investors and hedge funds own 65.25% 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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