Convergence Investment Partners LLC Takes $30,000 Position in AK Steel Holding Co. (AKS)

Convergence Investment Partners LLC Takes $30,000 Position in AK Steel Holding Co. (AKS)

Convergence Investment Partners LLC acquired a new position in shares of AK Steel Holding Co. (NYSE:AKS) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 11,059 shares of the basic materials company’s stock, valued at approximately $30,000.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in shares of AK Steel by 0.9% during the third quarter. Bank of New York Mellon Corp now owns 3,794,568 shares of the basic materials company’s stock worth $18,593,000 after buying an additional 34,621 shares during the period. JPMorgan Chase & Co. raised its holdings in AK Steel by 62.0% during the third quarter. JPMorgan Chase & Co. now owns 9,833,600 shares of the basic materials company’s stock worth $48,184,000 after purchasing an additional 3,763,963 shares in the last quarter. MetLife Investment Advisors LLC raised its holdings in AK Steel by 50.3% during the third quarter. MetLife Investment Advisors LLC now owns 215,984 shares of the basic materials company’s stock worth $1,058,000 after purchasing an additional 72,259 shares in the last quarter. Legal & General Group Plc raised its holdings in AK Steel by 6.5% during the third quarter. Legal & General Group Plc now owns 848,167 shares of the basic materials company’s stock worth $4,141,000 after purchasing an additional 52,107 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in AK Steel by 1.7% during the third quarter. Vanguard Group Inc. now owns 32,062,343 shares of the basic materials company’s stock worth $157,105,000 after purchasing an additional 531,265 shares in the last quarter. Institutional investors and hedge funds own 62.66% of the company’s stock.

Several brokerages recently commented on AKS. TheStreet raised AK Steel from a “d+” rating to a “c-” rating in a report on Thursday, February 21st. Zacks Investment Research cut AK Steel from a “buy” rating to a “hold” rating in a report on Thursday, February 14th. Deutsche Bank dropped their target price on AK Steel to $2.50 and set a “hold” rating on the stock in a report on Tuesday, February 5th. Bank of America cut AK Steel from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $5.00 to $2.50 in a report on Wednesday, January 30th. Finally, Longbow Research cut AK Steel from a “buy” rating to a “neutral” rating and set a $2.77 target price on the stock. in a report on Wednesday, January 30th. Three research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $3.15.

NYSE AKS opened at $2.45 on Friday. The firm has a market capitalization of $771.88 million, a price-to-earnings ratio of 3.83, a P/E/G ratio of 1.09 and a beta of 2.73. AK Steel Holding Co. has a 1 year low of $2.05 and a 1 year high of $5.40. The company has a current ratio of 2.05, a quick ratio of 0.78 and a debt-to-equity ratio of 4.74.

AK Steel (NYSE:AKS) last posted its quarterly earnings results on Monday, April 29th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.10. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.75 billion. AK Steel had a return on equity of 61.44% and a net margin of 2.23%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 earnings per share. As a group, analysts anticipate that AK Steel Holding Co. will post 0.47 EPS for the current year.

AK Steel Company Profile

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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