Pomelo Capital Lowers stake in AK Steel Holding Corporation (AKS)

AK Steel Holding Corporation (AKS) : Pomelo Capital reduced its stake in AK Steel Holding Corporation by 28.0% during the most recent quarter end. The investment management company now holds a total of 180,000 shares of AK Steel Holding Corporation which is valued at $905,400 after selling 70,000 shares in AK Steel Holding Corporation , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.AK Steel Holding Corporation makes up approximately 1.03% of Pomelo Capital’s portfolio.

Other Hedge Funds, Including , Teachers Advisors Inc reduced its stake in AKS by selling 2,024,555 shares or 84.16% in the most recent quarter. The Hedge Fund company now holds 381,152 shares of AKS which is valued at $1,917,195.Phoenix Investment Adviser boosted its stake in AKS in the latest quarter, The investment management firm added 197,000 additional shares and now holds a total of 327,000 shares of AK Steel Holding Corporation which is valued at $2,014,320. AK Steel Holding Corporation makes up approx 2.79% of Phoenix Investment Adviser’s portfolio.Louisiana State Employees Retirement System boosted its stake in AKS in the latest quarter, The investment management firm added 26,500 additional shares and now holds a total of 105,500 shares of AK Steel Holding Corporation which is valued at $706,850. AK Steel Holding Corporation makes up approx 0.04% of Louisiana State Employees Retirement System’s portfolio.Ls Investment Advisors boosted its stake in AKS in the latest quarter, The investment management firm added 2,682 additional shares and now holds a total of 8,635 shares of AK Steel Holding Corporation which is valued at $47,579.Creative Planning reduced its stake in AKS by selling 264,250 shares or 10.14% in the most recent quarter. The Hedge Fund company now holds 2,342,072 shares of AKS which is valued at $12,412,982. AK Steel Holding Corporation makes up approx 0.09% of Creative Planning’s portfolio.

AK Steel Holding Corporation opened for trading at $4.87 and hit $4.9801 on the upside on Tuesday, eventually ending the session at $4.83, with a gain of 0.63% or 0.03 points. The heightened volatility saw the trading volume jump to 87,70,103 shares. Company has a market cap of $1,150 M.

On the company’s financial health, AK Steel Holding Corporation reported $0.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $0.00. The company had revenue of $1492.20 million for the quarter, compared to analysts expectations of $1535.67 million. The company’s revenue was down -11.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.36 EPS.

Many Wall Street Analysts have commented on AK Steel Holding Corporation. Citigroup Initiated AK Steel Holding Corporation on Aug 22, 2016 to “Neutral”, Price Target of the shares are set at $5.40.Rosenblatt Initiated AK Steel Holding Corporation on Aug 22, 2016 to “Buy”, Price Target of the shares are set at $6.AK Steel Holding Corporation was Downgraded by KeyBanc Capital Mkts to ” Underweight” on Aug 19, 2016.

AK Steel Holding Corporation (AK Holding) is an integrated producer of flat-rolled carbon stainless and electrical steels and tubular products through its wholly-owned subsidiary AK Steel Corporation (AK Steel and together with AK Holding the Company). The operations of the Company and its wholly owned subsidiaries consist primarily of eight steelmaking and finishing plants two coke plants and two tube manufacturing plants across six states which include Indiana Kentucky Michigan Ohio Pennsylvania and West Virginia. These operations produce flat-rolled carbon steels including coated cold-rolled and hot-rolled carbon steel products and specialty stainless and electrical steels that are sold in sheet and strip form as well as carbon and stainless steel that is finished into welded steel tubing. These products are sold to the automotive infrastructure and manufacturing and distributors and converters markets.

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