Municipal Employees Retirement System of Michigan grew its position in shares of AK Steel Holding Corporation (NYSE:AKS) by 58.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 118,120 shares of the basic materials company’s stock after purchasing an additional 43,800 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in AK Steel were worth $660,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. State of New Jersey Common Pension Fund D purchased a new position in shares of AK Steel during the third quarter worth about $81,614,000. BW Gestao de Investimentos Ltda. acquired a new stake in AK Steel in the second quarter valued at about $9,855,000. Teacher Retirement System of Texas lifted its position in AK Steel by 138.7% in the second quarter. Teacher Retirement System of Texas now owns 1,881,542 shares of the basic materials company’s stock valued at $12,362,000 after purchasing an additional 1,093,353 shares during the period. Brandywine Global Investment Management LLC acquired a new stake in AK Steel in the second quarter valued at about $5,860,000. Finally, Ameriprise Financial Inc. lifted its position in AK Steel by 29.9% in the second quarter. Ameriprise Financial Inc. now owns 3,760,681 shares of the basic materials company’s stock valued at $24,709,000 after purchasing an additional 865,110 shares during the period. 65.12% of the stock is currently owned by institutional investors.

Shares of AK Steel Holding Corporation (NYSE:AKS) traded down $0.02 during trading on Friday, hitting $4.87. The company had a trading volume of 13,234,699 shares, compared to its average volume of 18,742,021. The company has a debt-to-equity ratio of 11.89, a current ratio of 1.92 and a quick ratio of 0.75. AK Steel Holding Corporation has a 1 year low of $4.00 and a 1 year high of $11.39. The firm has a market cap of $1,508.27, a P/E ratio of 7.37, a P/E/G ratio of 3.86 and a beta of 2.93.

A number of brokerages recently commented on AKS. Cowen restated a “hold” rating and issued a $6.00 price objective on shares of AK Steel in a research report on Tuesday, October 24th. Macquarie began coverage on shares of AK Steel in a research report on Wednesday, September 6th. They issued an “outperform” rating and a $7.00 price objective for the company. Bank of America restated a “buy” rating and issued a $9.00 price objective on shares of AK Steel in a research report on Wednesday, September 6th. BMO Capital Markets restated a “hold” rating and issued a $7.00 price objective on shares of AK Steel in a research report on Thursday, October 5th. Finally, Longbow Research reiterated a “neutral” rating on shares of AK Steel in a research report on Tuesday, October 3rd. Ten investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. AK Steel currently has a consensus rating of “Buy” and a consensus price target of $7.38.

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About AK Steel

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.

Institutional Ownership by Quarter for AK Steel (NYSE:AKS)

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