The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.09.
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AK Steel Holding Corporation with TICKER NYSE:AKS had its stock rating noted as “Reiterated” with the recommendation being set at “MARKET PERFORM” this morning by analysts at Cowen. Following the results, Jefferies reduced its price objective from $3 to $2.75 while reiterating a Hold rating. The firm earned $1.71 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the business posted $0.12 earnings per share.
Shares of Anadarko Petroleum Corporation (NYSE:APC), declined -5.38% to $65.29, during its last trading session. This suggests that analysts have very recently bumped up their estimates for AKS, giving the stock a Zacks Earnings ESP of 20.00% heading into earnings season.
Wainscott will step down from his roles as president and CEO on January 1, but will remain with the company as chairman, AK Steel announced today.
That is because AK Steel Holding is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat.
AK Steel intends to temporarily halt production at its Kentucky steel-making facility for six months, however it will continue to operate its coating line at the Kentucky plant.
AK Steel Holding has an analyst consensus of Hold, with a price target consensus of $3.
Also, because of different datasources, our reporting and figures may be different then the numbers reported by FactSet and other sources.
Now what: Steel prices have been under pressure all year, so it’s impressive that AK Steel could squeak out a profit, no matter how small it was. The broker with the highest target sees the stock at $8 within the next year while the broker with the lowest target sees the stock at $3 within that same time frame.
AK Steel Holding Corporation, through its partner, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally.
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AK Steel Holding Corporation 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).
