SAC Capital reported a 4.8% stake in AK Steel Holding Corp. in a recent 13G SEC filing.
As of December 31, SAC’s stake was less than 1%.
Now the hedge fund owns 2,304,771 shares.
That makes Steve Cohen’s firm the third largest holder of the company’s stock after State Street Global Advisers and Vanguard.
Cohen has been quietly upping his stake in AK Steel “on an almost a bi-weekly basis since April of last year, but had not made any moves since November,” Guru Focus. said.
Over the past year, AK Steel’s share-price slumped by 32%, according to Fox Business, but its Q4 results were strong.
AK Steel is a ~$1.8 billion company that “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,” according to Guru Focus.
AK Steel’s shareprice is supposed to increase by 7% in Q1. At market close yesterday, the stock was $15.61.