Short Interest in AK Steel Holding Corporation (NYSE:AKS) Decreases By 5.6%

AK Steel Holding Corporation (NYSE:AKS) saw a large decline in short interest in the month of July. As of July 14th, there was short interest totalling 52,575,123 shares, a decline of 5.6% from the June 30th total of 55,709,996 shares. Based on an average daily volume of 17,513,176 shares, the short-interest ratio is currently 3.0 days. Approximately 17.1% of the shares of the company are sold short.

A number of research firms recently issued reports on AKS. Barclays PLC reaffirmed an “equal weight” rating and issued a $7.00 target price (down previously from $8.00) on shares of AK Steel Holding Corporation in a research note on Wednesday. Clarkson Capital upgraded AK Steel Holding Corporation from a “neutral” rating to a “buy” rating in a report on Wednesday, July 26th. Longbow Research downgraded AK Steel Holding Corporation from a “buy” rating to a “neutral” rating and boosted their price target for the company from $6.20 to $6.24 in a report on Thursday, July 27th. BMO Capital Markets set a $7.00 price objective on AK Steel Holding Corporation and gave the stock a “hold” rating in a report on Sunday, July 30th. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of AK Steel Holding Corporation in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $8.06.

Shares of AK Steel Holding Corporation (AKS) traded down 4.13% on Friday, reaching $5.11. 20,719,969 shares of the company traded hands. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 13.38 and a beta of 2.86. AK Steel Holding Corporation has a 52-week low of $3.87 and a 52-week high of $11.39. The stock has a 50 day moving average of $6.08 and a 200 day moving average of $6.83.

AK Steel Holding Corporation (NYSE:AKS) last issued its quarterly earnings data on Tuesday, July 25th. The basic materials company reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.06. AK Steel Holding Corporation had a net margin of 1.88% and a return on equity of 735.25%. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period in the prior year, the firm earned $0.08 earnings per share. The company’s revenue was up 4.4% on a year-over-year basis. On average, analysts expect that AK Steel Holding Corporation will post $0.51 earnings per share for the current year.

Large investors have recently made changes to their positions in the company. Amalgamated Bank increased its stake in AK Steel Holding Corporation by 0.3% in the first quarter. Amalgamated Bank now owns 42,206 shares of the basic materials company’s stock worth $303,000 after buying an additional 120 shares during the last quarter. World Asset Management Inc increased its stake in AK Steel Holding Corporation by 1.4% in the first quarter. World Asset Management Inc now owns 19,969 shares of the basic materials company’s stock worth $144,000 after buying an additional 283 shares during the last quarter. State of Alaska Department of Revenue increased its stake in AK Steel Holding Corporation by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 34,900 shares of the basic materials company’s stock worth $250,000 after buying an additional 930 shares during the last quarter. Shikiar Asset Management Inc. increased its stake in AK Steel Holding Corporation by 2.5% in the second quarter. Shikiar Asset Management Inc. now owns 62,500 shares of the basic materials company’s stock worth $411,000 after buying an additional 1,500 shares during the last quarter. Finally, Concert Wealth Management Inc. increased its stake in AK Steel Holding Corporation by 12.2% in the first quarter. Concert Wealth Management Inc. now owns 16,600 shares of the basic materials company’s stock worth $167,000 after buying an additional 1,800 shares during the last quarter. Hedge funds and other institutional investors own 77.43% of the company’s stock.

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AK Steel Holding Corporation 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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