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Holly LaFon
Holly LaFon
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Steven Cohen Purchases AK Steel Holding Corp. (AKS) Stock

March 28, 2011 | About:

According to GuruFocus Real Time Picks, investor Steven Cohen bought AK Steel Holding Corp. (NYSE: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. (NYSE:AKS).

AK Steel is expected to rise 7% in the first quarter of 2011 and had strong fourth quarter 2001 results.

For the latest stock trades by Gurus, go to: Real Time Picks.

Rating: 2.7/5 (14 votes)


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