SAC Buys Big Chunk Of Steel Co.

Mar 30 2011 | 9:28am ET

Steven Cohen has quite the taste for one very hard metal.

SAC Capital Advisors boosted its stake in AK Steel Holding to 4.8%, the hedge fund disclosed. The stake is spread between SAC's main unit and its CR Intrinsic Investors division, and was worth nearly $87 million at the close of trading yesterday.

SAC owned less than 1% of Ohio-based AK at the end of last year. The smaller stake was the result of a series of smaller moves, "on almost a bi-weekly basis," according to Guru Focus, from April to November of last year. But Cohen hadn't made a move in the stock since then.

News of SAC's higher stake in AK sent the stock up by as much as $1 per share yesterday.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...