Friday, 6 March 2015
Last updated 4 hours ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…