KeyCorp Comments on AK Steel Holding Co.’s FY2019 Earnings (NYSE:AKS)

AK Steel Holding Co. (NYSE:AKS) – Research analysts at KeyCorp decreased their FY2019 earnings per share estimates for shares of AK Steel in a note issued to investors on Sunday, September 9th, according to Zacks Investment Research. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of $0.62 for the year, down from their prior estimate of $0.72.

A number of other analysts also recently weighed in on the stock. Morgan Stanley raised shares of AK Steel from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $6.00 to $5.50 in a research report on Monday, August 27th. Clarkson Capital raised shares of AK Steel from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 11th. Bank of America raised shares of AK Steel from an “underperform” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Friday, September 7th. ValuEngine raised shares of AK Steel from a “strong sell” rating to a “sell” rating in a research report on Monday, July 30th. Finally, Deutsche Bank downgraded shares of AK Steel from a “buy” rating to a “hold” rating and decreased their target price for the company from $6.00 to $5.00 in a research report on Monday, July 9th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.40.

NYSE:AKS traded down $0.03 on Wednesday, reaching $4.83. 6,210,652 shares of the stock traded hands, compared to its average volume of 15,373,540. The company has a market capitalization of $1.55 billion, a PE ratio of 15.58, a P/E/G ratio of 1.35 and a beta of 2.82. The company has a debt-to-equity ratio of 5.49, a quick ratio of 0.76 and a current ratio of 2.01. AK Steel has a 1-year low of $4.00 and a 1-year high of $6.80.

AK Steel (NYSE:AKS) last released its quarterly earnings data on Monday, July 30th. The basic materials company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). AK Steel had a negative net margin of 0.44% and a positive return on equity of 33.56%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same period in the prior year, the company earned $0.19 EPS. The business’s quarterly revenue was up 12.2% compared to the same quarter last year.

In other AK Steel news, CEO Roger K. Newport purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were purchased at an average cost of $4.03 per share, for a total transaction of $40,300.00. Following the acquisition, the chief executive officer now owns 451,297 shares of the company’s stock, valued at $1,818,726.91. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.13% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of AKS. BlackRock Inc. boosted its holdings in shares of AK Steel by 5.8% during the 2nd quarter. BlackRock Inc. now owns 45,024,836 shares of the basic materials company’s stock worth $195,407,000 after buying an additional 2,453,702 shares in the last quarter. Polar Asset Management Partners Inc. bought a new position in shares of AK Steel during the 1st quarter worth approximately $6,771,000. KBC Group NV bought a new position in shares of AK Steel in the 1st quarter worth $3,536,000. JPMorgan Chase & Co. lifted its holdings in shares of AK Steel by 16.9% in the 1st 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of AK Steel by 11.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,897,010 shares of the basic materials company’s stock worth $31,243,000 after purchasing an additional 680,933 shares in the last quarter. Hedge funds and other institutional investors own 64.97% of the company’s stock.

About AK Steel

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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