AK Steel (AKS) Upgraded by JPMorgan Chase & Co. to “Overweight”

JPMorgan Chase & Co. upgraded shares of AK Steel (NYSE:AKS) from a neutral rating to an overweight rating in a research note released on Thursday, December 7th, MarketBeat Ratings reports. The brokerage currently has $7.00 price target on the basic materials company’s stock, up from their prior price target of $6.00.

AKS has been the subject of a number of other research reports. Bank of America reaffirmed a buy rating and set a $9.00 price target on shares of AK Steel in a research report on Wednesday, September 6th. ValuEngine downgraded AK Steel from a strong-buy rating to a buy rating in a research report on Friday, September 1st. Jefferies Group reaffirmed a buy rating on shares of AK Steel in a research report on Monday, September 18th. TheStreet downgraded AK Steel from a c rating to a d+ rating in a report on Tuesday, October 31st. Finally, Barclays reissued an equal weight rating and issued a $7.00 price objective (down previously from $8.00) on shares of AK Steel in a report on Wednesday, August 9th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. AK Steel presently has an average rating of Buy and an average target price of $7.51.

Shares of AK Steel (NYSE AKS) traded up $0.58 during mid-day trading on Thursday, hitting $6.24. The stock had a trading volume of 25,037,382 shares, compared to its average volume of 13,580,000. The company has a current ratio of 1.92, a quick ratio of 0.75 and a debt-to-equity ratio of 11.89. The company has a market cap of $1,960.00, a PE ratio of 41.60, a PEG ratio of 4.56 and a beta of 2.89. AK Steel has a one year low of $4.00 and a one year high of $11.28.

Several institutional investors and hedge funds have recently added to or reduced their stakes in AKS. Truepoint Inc. boosted its stake in shares of AK Steel by 538.9% during the third quarter. Truepoint Inc. now owns 223,600 shares of the basic materials company’s stock valued at $224,000 after purchasing an additional 188,600 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of AK Steel by 76.8% during the third quarter. Janney Montgomery Scott LLC now owns 67,430 shares of the basic materials company’s stock valued at $377,000 after purchasing an additional 29,291 shares in the last quarter. Harvey Partners LLC acquired a new stake in shares of AK Steel during the third quarter valued at about $1,230,000. Engineers Gate Manager LP acquired a new stake in shares of AK Steel during the third quarter valued at about $1,041,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of AK Steel by 6.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 1,837,305 shares of the basic materials company’s stock valued at $10,271,000 after purchasing an additional 103,520 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

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About AK Steel

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.

Analyst Recommendations for AK Steel (NYSE:AKS)

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