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AK Steel Holding Corporation Analyst Rating Update
Posted On Jan 26 2016
Comment: Off
The firm owned 2,079,472 shares of the company’s stock after buying an additional 1,787,437 shares during the period. This was down from $2.00 billion past year. 3,738,886 shares of the stock were exchanged.
An institutional investor recently raised its position in AK Steel Holding stock. The company’s 50 day moving average price is $2.16 and its 200-day moving average price is $2.62.
U.S. Steel said ongoing “Carnegie Way” efficiency efforts helped results, but said the company is facing “some of the worst market and business conditions we have seen”. On an adjusted basis, net income for the quarter was $0.30 per share, up from $0.14 per share in the prior year period. Wall Street analysts were expecting the company to earn $0.01 per share on revenue of $1.51 billion.
Meanwhile, worldwide steel production grew about 46 percent from 2005 to 1.8 billion tons in 2014, according to the American Iron and Steel Institute.
But the declining prices of oil globally and related downsizing in domestic oil and gas production still has some impact on the West Chester Twp.-based steelmaker, Chief Executive Officer Roger Newport said Tuesday in releasing the company’s 2015 financial results. Equities research analysts predict that AK Steel Holding Co. will post ($0.60) EPS for the current fiscal year. The number of analysts agreeing with this consensus is 11. Barclays lowered their target price on shares of AK Steel Holding from $5.00 to $3.00 in a report on Monday, October 5th.
Analysts at Zacks Investment Research have given a short term rating of hold on AK Steel Holding Corporation (NYSE:AKS) with a rank of 3. Vetr upgraded shares of AK Steel Holding from a “buy” rating to a “strong-buy” rating and set a $2.67 price objective for the company in a research report on Monday, January 11th.
AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally.
