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Steven Cohen Purchases AK Steel Holding Corp. (AKS) Stock
Posted by: guruhl (IP Logged)
Date: March 28, 2011 06:36PM
According to GuruFocus Real Time Picks, investor Steven Cohen bought AK Steel Holding Corp. (AKS) at the average price of $15.56 per share on March 17, bringing his total shares up to 2,304,771, or a 4.8% stake in the company. Steven Cohen is the billionaire hedge fund investor and founder of SAC Capital Advisors based in Stamford, Connecticut.
AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets. The company has a market cap of $1.72 billion. Its shares were traded at around $15.63 with and P/S ratio of 0.29. The dividend yield of Ak Steel Holding Corp. stocks is 1.28%.
Cohen had been picking up AK Steel Holding Corp on almost a bi-weekly basis since April of last year, but had not made any moves since November.
According to a report by Zacks, demand for steel is expected to rise 5.3% for 2011 due to a recovering industrial sector. However, steel demand was down 41.6% in 2009. The investment research company reports that while the steel industry is expected to grow in 2011, it is still neutral on companies such as AK Steel Corp. (AKS).
AK Steel is expected to rise 7% in the first quarter of 2011 and had strong fourth quarter 2001 results.
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