Merriman Wealth Management LLC boosted its holdings in shares of AK Steel Holding Co. (NYSE:AKS) by 3.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,536,800 shares of the basic materials company’s stock after buying an additional 126,000 shares during the quarter. AK Steel makes up approximately 3.5% of Merriman Wealth Management LLC’s investment portfolio, making the stock its 4th largest position. Merriman Wealth Management LLC owned approximately 1.12% of AK Steel worth $15,350,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. grew its position in shares of AK Steel by 5.8% in the second quarter. BlackRock Inc. now owns 45,024,836 shares of the basic materials company’s stock valued at $195,407,000 after purchasing an additional 2,453,702 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in AK Steel by 6.7% during the second quarter. Dimensional Fund Advisors LP now owns 7,357,323 shares of the basic materials company’s stock worth $31,931,000 after purchasing an additional 460,313 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in AK Steel by 16.9% during the first quarter. JPMorgan Chase & Co. now owns 4,789,705 shares of the basic materials company’s stock worth $21,698,000 after purchasing an additional 691,938 shares during the last quarter. Northern Trust Corp lifted its stake in AK Steel by 1.3% during the first quarter. Northern Trust Corp now owns 3,838,730 shares of the basic materials company’s stock worth $17,390,000 after purchasing an additional 50,343 shares during the last quarter. Finally, Royce & Associates LP lifted its stake in AK Steel by 9.5% during the second quarter. Royce & Associates LP now owns 2,481,109 shares of the basic materials company’s stock worth $10,768,000 after purchasing an additional 215,000 shares during the last quarter. 64.98% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the company. ValuEngine upgraded AK Steel from a “strong sell” rating to a “sell” rating in a research note on Monday, July 30th. Zacks Investment Research upgraded AK Steel from a “hold” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Tuesday, July 17th. Deutsche Bank downgraded AK Steel from a “buy” rating to a “hold” rating and decreased their price target for the stock from $6.00 to $5.00 in a report on Monday, July 9th. Morgan Stanley downgraded AK Steel to a “buy” rating in a report on Tuesday, August 28th. Finally, Goldman Sachs Group downgraded AK Steel from a “neutral” rating to a “sell” rating and set a $4.00 target price for the company. in a research note on Tuesday, May 29th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. AK Steel presently has an average rating of “Hold” and a consensus price target of $5.40.
AK Steel stock opened at $4.37 on Friday. The company has a quick ratio of 0.76, a current ratio of 2.01 and a debt-to-equity ratio of 5.49. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.21 and a beta of 2.85. AK Steel Holding Co. has a twelve month low of $4.00 and a twelve month high of $6.80.
AK Steel (NYSE:AKS) last posted its quarterly earnings results on Monday, July 30th. The basic materials company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.75 billion. AK Steel had a positive return on equity of 33.56% and a negative net margin of 0.44%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 earnings per share. equities analysts anticipate that AK Steel Holding Co. will post 0.73 EPS for the current fiscal year.
In related news, CEO Roger K. Newport purchased 10,000 shares of AK Steel stock in a transaction that occurred on Wednesday, August 15th. The shares were bought at an average price of $4.03 per share, for a total transaction of $40,300.00. Following the completion of the transaction, the chief executive officer now directly owns 451,297 shares of the company’s stock, valued at $1,818,726.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.13% of the company’s stock.
AK Steel Profile
AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless, and electrical steels, and tubular products in the United States and internationally. It produces flat-rolled carbon steel products, including coated, cold-rolled, and hot-rolled carbon steel products; grain-oriented specialty stainless and electrical steels; and carbon and stainless steel tubing products.
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