The company's quick ratio for most recent quarter is 1.20. Overhead, AK Steel is now colliding with its shorter-term 20-day moving average, which has acted as pretty resilient resistance since January, when shares pierced below it.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capstone Asset Management Co. now owns 58,938 shares of the company's stock valued at $285,000 after buying an additional 1,010 shares during the period. Finally, FMR LLC acquired a new position in shares of AK Steel Holding during the fourth quarter worth $49,391,000. Ak Steel Holding Corp Com Stk now has $2.41B valuation. Old Mutual Global Investors UK Ltd. boosted its position in AK Steel Holding by 13.0% in the third quarter.
IBD'S TAKE: The stock market is at a potentially key turning point, with the current uptrend under pressure. The stock carved out a 52-week low down at $3.31. Jefferies maintained AK Steel Holding Corporation (NYSE:AKS) on Wednesday, July 27 with "Hold" rating. The stock sank -28.76% last month and is down -33.3 this year.
Looking at the current price of the stock and the 52 week high and low, it suggests that the stock is likely to go Down in the future. The share price has moved backward from its 20 days moving average, trading at a distance of -22.47% and stays -31.34% away from its 50 days moving average. The stock's market cap is $2.41 billion. Plus, the stock's Schaeffer's Volatility Scorecard (SVS) sits at a lofty 96, indicating AKS shares have exceeded options traders' volatility expectations over the past year. The California-based Francisco Partners Management Lp has invested 0.34% in the stock. This is an increase of approximately 260% compared to the average daily volume of 5,288 call options. The company reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.16. The Return on Equity (ROE) value stands at 1.2%. The Q2 2017 consensus earnings estimates for the company have stabilized at US$0.2 per share. The company's quarterly revenue was down 8.0% compared to the same quarter previous year. Equities analysts forecast that AK Steel Holding Co. will post $0.68 EPS for the current fiscal year.
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AKS stock - like most other steel plays - popped during the last two months of 2016 amid Donald Trump's presidential victory, which brought with it the hope of a massive infrastructure spend that would buoy the financials of AKS and competitors including United States Steel Corporation (NYSE:X). JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $9.00 target price (up from $8.00) on shares of AK Steel Holding in a report on Wednesday, March 22nd. Morgan Stanley downgraded AK Steel Holding from an "overweight" rating to an "equal weight" rating and raised their price objective for the stock from $8.39 to $11.00 in a report on Monday, February 13th.
"We are incredibly proud to open this state-of-the-art facility as part of our focus on driving leading edge products and processes as an innovator in carbon, stainless and electrical steels", said Roger K. Newport, Chief Executive Officer of AK Steel. The Company operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE) and Tubular Products (Tubular).