AK Steel (AKS) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of AK Steel (NYSE:AKS) from a hold rating to a buy rating in a report issued on Monday. Zacks Investment Research currently has $7.50 price target on the basic materials company’s stock.
According to Zacks, “AK Steel should benefit from the strength in the automotive market and the Precision Partners acquisition. The company’s sustained initiatives to manage costs should also support its bottom line. The acquisition of the Severstal Dearborn plant is expected to boost AK Steel’s future earnings and improve its credit profile and liquidity. The buyout has provided the company an access to highly modernized and upgraded steelmaking equipment and facilities. “
A number of other analysts also recently commented on AKS. Cowen reaffirmed a hold rating and set a $7.00 price target on shares of AK Steel in a research report on Thursday, January 4th. BMO Capital Markets decreased their price target on AK Steel from $7.00 to $5.00 and set a market perform rating for the company in a research report on Wednesday, November 1st. Clarkson Capital downgraded AK Steel from a buy rating to a neutral rating in a research report on Wednesday, November 1st. KeyCorp reaffirmed a hold rating on shares of AK Steel in a research report on Tuesday, September 19th. Finally, Longbow Research reaffirmed a neutral rating on shares of AK Steel in a research report on Tuesday, October 3rd. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. AK Steel has a consensus rating of Buy and an average target price of $7.54.
A number of large investors have recently added to or reduced their stakes in AKS. Schwab Charles Investment Management Inc. increased its position in AK Steel by 14.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,733,785 shares of the basic materials company’s stock worth $11,391,000 after buying an additional 223,432 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in AK Steel in the second quarter worth $357,000. State Board of Administration of Florida Retirement System increased its position in AK Steel by 36.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 156,436 shares of the basic materials company’s stock worth $1,028,000 after buying an additional 41,484 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in AK Steel in the second quarter worth $402,000. Finally, Swiss National Bank increased its position in AK Steel by 2.7% in the second quarter. Swiss National Bank now owns 530,000 shares of the basic materials company’s stock worth $3,482,000 after buying an additional 14,100 shares during the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.
AK Steel 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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