Algoma Steel Group Inc. (NASDAQ:ASTL) Given Consensus Recommendation of “Reduce” by Analysts

Algoma Steel Group Inc. (NASDAQ:ASTL) has been assigned a consensus rating of “Reduce” from the five ratings firms that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company.

A number of equities analysts recently weighed in on the company. Zacks Research cut Algoma Steel Group from a “hold” rating to a “strong sell” rating in a report on Monday. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th.

Algoma Steel Group Stock Performance

NASDAQ ASTL traded up $0.21 during mid-day trading on Thursday, reaching $5.21. 844,408 shares of the stock were exchanged, compared to its average volume of 1,425,222. The business’s 50 day moving average is $4.42 and its 200-day moving average is $4.31. Algoma Steel Group has a 1 year low of $3.02 and a 1 year high of $7.24. The company has a market capitalization of $547.46 million, a P/E ratio of -0.69 and a beta of 1.55. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.03 and a current ratio of 2.18.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). The firm had revenue of $216.44 million during the quarter, compared to analysts’ expectations of $217.57 million. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 64.28%. On average, equities research analysts forecast that Algoma Steel Group will post -1.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Algoma Steel Group

A number of institutional investors have recently added to or reduced their stakes in ASTL. Maple Rock Capital Partners Inc. increased its stake in shares of Algoma Steel Group by 38.3% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company’s stock worth $59,166,000 after acquiring an additional 4,000,000 shares during the last quarter. MMCAP International Inc. SPC grew its stake in shares of Algoma Steel Group by 42.2% in the 4th quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after buying an additional 3,409,033 shares during the period. TD Asset Management Inc increased its holdings in shares of Algoma Steel Group by 1,351.7% during the 4th quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock worth $6,955,000 after buying an additional 1,571,184 shares during the last quarter. Quadrature Capital Ltd lifted its holdings in Algoma Steel Group by 14,366.4% in the third quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company’s stock valued at $5,439,000 after acquiring an additional 1,518,530 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Algoma Steel Group during the fourth quarter worth $5,120,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

About Algoma Steel Group

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.