Brokerages Set AK Steel Holding Co. (AKS) Price Target at $2.89
AK Steel Holding Co. (NYSE:AKS) has earned a consensus rating of “Hold” from the thirteen research firms that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $2.62.
Several equities analysts have recently weighed in on the company. Goldman Sachs Group decreased their price objective on AK Steel from $2.25 to $1.50 and set a “buy” rating for the company in a report on Tuesday. Deutsche Bank set a $2.00 price objective on AK Steel and gave the company a “hold” rating in a report on Thursday, May 30th. Bank of America restated an “underperform” rating and issued a $2.00 price objective on shares of AK Steel in a report on Friday, May 31st. Credit Suisse Group cut AK Steel from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $3.50 to $2.05 in a report on Thursday, May 23rd. Finally, TheStreet upgraded AK Steel from a “d+” rating to a “c-” rating in a report on Thursday, February 21st.
A number of large investors have recently modified their holdings of AKS. Maverick Capital Ltd. bought a new position in shares of AK Steel during the first quarter worth approximately $4,835,000. MetLife Investment Advisors LLC increased its holdings in shares of AK Steel by 32.2% during the first quarter. MetLife Investment Advisors LLC now owns 140,543 shares of the basic materials company’s stock worth $386,000 after purchasing an additional 34,211 shares during the period. SEI Investments Co increased its holdings in shares of AK Steel by 160.5% during the first quarter. SEI Investments Co now owns 27,130 shares of the basic materials company’s stock worth $75,000 after purchasing an additional 16,717 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of AK Steel by 50.3% during the first quarter. Goldman Sachs Group Inc. now owns 3,906,920 shares of the basic materials company’s stock worth $10,744,000 after purchasing an additional 1,306,894 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of AK Steel by 8.3% during the first quarter. Geode Capital Management LLC now owns 3,519,261 shares of the basic materials company’s stock worth $9,677,000 after purchasing an additional 268,724 shares during the period. Institutional investors and hedge funds own 60.81% of the company’s stock.
AK Steel (NYSE:AKS) last announced its quarterly earnings data on Monday, April 29th. The basic materials company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.10. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.75 billion. AK Steel had a return on equity of 61.44% and a net margin of 2.23%. AK Steel’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 EPS. On average, sell-side analysts expect that AK Steel will post 0.4 EPS for the current year.
About AK Steel
AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, and stainless and electrical steel 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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