Wedge Capital Management L L P NC Decreases Stake in AK Steel Holding Co. (NYSE:AKS)

Wedge Capital Management L L P NC lessened its stake in AK Steel Holding Co. (NYSE:AKS) by 37.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 76,311 shares of the basic materials company’s stock after selling 45,691 shares during the quarter. Wedge Capital Management L L P NC’s holdings in AK Steel were worth $173,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP purchased a new position in shares of AK Steel in the 1st quarter worth $516,000. Naples Global Advisors LLC bought a new stake in AK Steel during the 2nd quarter valued at about $25,000. Exane Derivatives bought a new stake in shares of AK Steel in the 2nd quarter valued at about $121,000. NEXT Financial Group Inc raised its holdings in shares of AK Steel by 18.4% in the 2nd quarter. NEXT Financial Group Inc now owns 35,213 shares of the basic materials company’s stock valued at $83,000 after purchasing an additional 5,463 shares in the last quarter. Finally, Focused Wealth Management Inc bought a new stake in shares of AK Steel in the 2nd quarter valued at about $212,000. Hedge funds and other institutional investors own 56.81% of the company’s stock.

NYSE:AKS traded up $0.03 during midday trading on Friday, reaching $2.80. The stock had a trading volume of 7,860,448 shares, compared to its average volume of 8,970,288. The firm has a fifty day simple moving average of $2.44 and a two-hundred day simple moving average of $2.34. AK Steel Holding Co. has a 12-month low of $1.66 and a 12-month high of $3.84. The company has a quick ratio of 0.70, a current ratio of 2.06 and a debt-to-equity ratio of 4.77. The stock has a market cap of $873.32 million, a P/E ratio of 4.38, a P/E/G ratio of 1.55 and a beta of 3.04.

AK Steel (NYSE:AKS) last issued its earnings results on Wednesday, October 30th. The basic materials company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.03). The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.64 billion. AK Steel had a return on equity of 42.48% and a net margin of 1.50%. AK Steel’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 earnings per share. On average, sell-side analysts anticipate that AK Steel Holding Co. will post 0.36 earnings per share for the current fiscal year.

Several research analysts recently commented on AKS shares. BMO Capital Markets set a $3.00 price objective on shares of AK Steel and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Cowen reaffirmed a “market perform” rating and issued a $2.40 price objective (up from $1.90) on shares of AK Steel in a report on Wednesday, July 31st. ValuEngine raised shares of AK Steel from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. downgraded shares of AK Steel from an “overweight” rating to an “underweight” rating in a report on Monday, September 23rd. Finally, Citigroup set a $3.00 price objective on shares of AK Steel and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $2.52.

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

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