AK Steel Holding Corporation (AKS) Shares Down 4.8% Following Analyst Downgrade

AK Steel Holding Corporation (NYSE:AKS) shares fell 4.8% during trading on Wednesday after J P Morgan Chase & Co lowered their price target on the stock from $8.00 to $6.00. J P Morgan Chase & Co currently has a neutral rating on the stock. AK Steel Holding Corporation traded as low as $4.58 and last traded at $4.37. 41,315,980 shares traded hands during mid-day trading, an increase of 163% from the average session volume of 15,728,800 shares. The stock had previously closed at $4.59.

AKS has been the topic of several other research reports. Cowen and Company reissued a “hold” rating and set a $6.00 target price on shares of AK Steel Holding Corporation in a research report on Tuesday, October 24th. Clarkson Capital downgraded AK Steel Holding Corporation from a “buy” rating to a “neutral” rating in a research report on Wednesday. Barclays PLC reaffirmed an “equal weight” rating and issued a $7.00 price objective (down previously from $8.00) on shares of AK Steel Holding Corporation in a research report on Wednesday, August 9th. ValuEngine raised AK Steel Holding Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 22nd. Finally, BMO Capital Markets set a $7.00 price objective on AK Steel Holding Corporation and gave the company a “hold” rating in a research report on Sunday, July 30th. Eleven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. AK Steel Holding Corporation presently has an average rating of “Hold” and an average price target of $7.99.

A number of large investors have recently made changes to their positions in the stock. Amalgamated Bank increased its position in AK Steel Holding Corporation by 0.3% during the 1st quarter. Amalgamated Bank now owns 42,206 shares of the basic materials company’s stock valued at $303,000 after buying an additional 120 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in AK Steel Holding Corporation by 0.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 21,887 shares of the basic materials company’s stock valued at $144,000 after buying an additional 193 shares in the last quarter. World Asset Management Inc increased its position in AK Steel Holding Corporation by 2.5% during the 2nd quarter. World Asset Management Inc now owns 20,471 shares of the basic materials company’s stock valued at $134,000 after buying an additional 502 shares in the last quarter. Shikiar Asset Management Inc. increased its position in AK Steel Holding Corporation by 2.5% during the 2nd quarter. Shikiar Asset Management Inc. now owns 62,500 shares of the basic materials company’s stock valued at $411,000 after buying an additional 1,500 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in AK Steel Holding Corporation by 2.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 61,271 shares of the basic materials company’s stock valued at $403,000 after buying an additional 1,605 shares in the last quarter. 70.70% of the stock is currently owned by institutional investors.

The stock’s 50-day moving average is $5.66 and its 200 day moving average is $5.89. The firm has a market cap of $1.39 billion, a P/E ratio of 11.57 and a beta of 2.91.

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About AK Steel Holding Corporation

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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