Algoma Steel Group (NASDAQ:ASTL) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Algoma Steel Group (NASDAQ:ASTL) from a strong sell rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Royal Bank Of Canada restated a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

Shares of NASDAQ ASTL opened at $4.56 on Tuesday. The business’s 50-day moving average price is $4.87 and its two-hundred day moving average price is $4.48. The company has a debt-to-equity ratio of 2.19, a current ratio of 2.45 and a quick ratio of 1.22. Algoma Steel Group has a one year low of $3.02 and a one year high of $7.24. The company has a market capitalization of $480.58 million, a P/E ratio of -0.61 and a beta of 1.60.

Algoma Steel Group (NASDAQ:ASTL) last issued its earnings results on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. The firm had revenue of $216.44 million during the quarter, compared to analysts’ expectations of $217.57 million. Analysts anticipate that Algoma Steel Group will post -2.27 earnings per share for the current fiscal year.

Institutional Trading of Algoma Steel Group

A number of institutional investors and hedge funds have recently made changes to their positions in ASTL. Raymond James Financial Inc. acquired a new stake in shares of Algoma Steel Group in the second quarter worth about $32,000. Element Pointe Advisors LLC acquired a new stake in shares of Algoma Steel Group in the fourth quarter worth about $41,000. Federation des caisses Desjardins du Quebec lifted its position in shares of Algoma Steel Group by 101.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock worth $73,000 after buying an additional 9,000 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of Algoma Steel Group in the third quarter worth about $79,000. Finally, FIL Ltd acquired a new stake in shares of Algoma Steel Group in the fourth quarter worth about $85,000. Institutional investors and hedge funds 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.