Tuesday, 25 October 2016
Last updated 8 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.