Putnam Investments LLC acquired a new position in AK Steel Holding Co. (NYSE:AKS) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 130,880 shares of the company’s stock, valued at approximately $1,337,000.
Several other institutional investors have also recently added to or reduced their stakes in the company. Hodges Capital Management Inc. purchased a new position in AK Steel Holding during the fourth quarter worth approximately $1,736,000. BlackRock Fund Advisors increased its position in AK Steel Holding by 8.7% in the third quarter. BlackRock Fund Advisors now owns 16,604,292 shares of the company’s stock worth $80,199,000 after buying an additional 1,323,068 shares during the period. Victory Capital Management Inc. purchased a new position in AK Steel Holding during the third quarter worth approximately $19,565,000. Nicholas Investment Partners LP purchased a new position in AK Steel Holding during the fourth quarter worth approximately $3,295,000. Finally, Rothschild Asset Management Inc. purchased a new position in AK Steel Holding during the third quarter worth approximately $13,695,000. Institutional investors own 62.21% of the company’s stock.
Shares of AK Steel Holding Co. (NYSE:AKS) opened at 8.31 on Monday. AK Steel Holding Co. has a one year low of $3.31 and a one year high of $11.39. The company’s 50 day moving average price is $8.25 and its 200 day moving average price is $7.54. The stock’s market capitalization is $2.62 billion.
AK Steel Holding (NYSE:AKS) last issued its quarterly earnings results on Tuesday, January 24th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.16. AK Steel Holding had a negative return on equity of 47.34% and a negative net margin of 0.13%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. AK Steel Holding’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, equities analysts expect that AK Steel Holding Co. will post $0.72 earnings per share for the current year.
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A number of equities analysts have recently commented on AKS shares. Jefferies Group LLC restated a “buy” rating and issued a $11.50 price objective on shares of AK Steel Holding in a report on Wednesday, January 25th. Vetr upgraded AK Steel Holding from a “hold” rating to a “buy” rating and set a $8.17 price objective on the stock in a report on Wednesday, February 1st. JPMorgan Chase & Co. downgraded AK Steel Holding from an “overweight” rating to a “neutral” rating and set a $8.00 price objective on the stock. in a report on Wednesday, January 25th. Deutsche Bank AG restated a “hold” rating on shares of AK Steel Holding in a report on Monday, December 5th. Finally, Citigroup Inc downgraded AK Steel Holding from a “neutral” rating to a “sell” rating and set a $8.00 price objective on the stock. in a report on Thursday, January 19th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $8.21.
About AK Steel Holding
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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