Algoma Steel Group (NASDAQ:ASTL) Releases Quarterly Earnings Results, Beats Expectations By $0.78 EPS

Algoma Steel Group (NASDAQ:ASTL) announced its quarterly earnings results on Wednesday. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.78, Zacks reports. Algoma Steel Group had a negative return on equity of 15.13% and a negative net margin of 31.27%.The firm had revenue of $380.44 million during the quarter, compared to analyst estimates of $366.98 million.

Algoma Steel Group Price Performance

Shares of ASTL stock opened at $3.65 on Friday. Algoma Steel Group has a fifty-two week low of $3.02 and a fifty-two week high of $12.10. The firm has a market capitalization of $383.41 million, a price-to-earnings ratio of -0.76 and a beta of 1.56. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 2.29. The stock’s 50-day simple moving average is $4.22 and its 200-day simple moving average is $5.24.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ASTL shares. Weiss Ratings restated a “sell (d)” rating on shares of Algoma Steel Group in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Algoma Steel Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce”.

Institutional Trading of Algoma Steel Group

Large investors have recently bought and sold shares of the stock. Ewing Morris & Co. Investment Partners Ltd. raised its holdings in shares of Algoma Steel Group by 85.7% in the second quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 390,000 shares of the company’s stock worth $2,690,000 after buying an additional 180,000 shares during the last quarter. Orion Resource Partners LP acquired a new position in shares of Algoma Steel Group in the 2nd quarter valued at $368,000. Moore Capital Management LP purchased a new position in Algoma Steel Group in the 2nd quarter worth $1,463,000. Engineers Gate Manager LP acquired a new stake in Algoma Steel Group during the 2nd quarter worth about $146,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in Algoma Steel Group during the 2nd quarter valued at about $1,089,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.