Algoma Steel Group (NASDAQ:ASTL) Releases Quarterly Earnings Results

Algoma Steel Group (NASDAQ:ASTL) released its earnings results on Wednesday. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.13), Zacks reports. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. The business had revenue of $267.50 million for the quarter, compared to the consensus estimate of $205.57 million.

Algoma Steel Group Trading Down 10.1%

Shares of NASDAQ:ASTL traded down $0.43 during trading on Thursday, reaching $3.84. 1,761,556 shares of the company were exchanged, compared to its average volume of 1,296,413. The business’s fifty day simple moving average is $4.43 and its 200-day simple moving average 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 12-month low of $3.02 and a 12-month high of $5.90. The firm has a market capitalization of $405.73 million, a PE ratio of -0.52 and a beta of 1.64.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. LPL Financial LLC increased its holdings in Algoma Steel Group by 5.6% during the 4th quarter. LPL Financial LLC now owns 62,194 shares of the company’s stock worth $255,000 after purchasing an additional 3,300 shares during the period. NewEdge Advisors LLC grew its position in shares of Algoma Steel Group by 13.7% during the 3rd quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after buying an additional 3,400 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Algoma Steel Group during the 2nd quarter worth $32,000. Mackenzie Financial Corp increased its stake in shares of Algoma Steel Group by 12.6% during the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock valued at $193,000 after buying an additional 6,086 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Algoma Steel Group by 11.3% during the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock valued at $611,000 after buying an additional 8,963 shares during the period. Institutional investors own 72.00% of the company’s stock.

Wall Street Analysts Forecast Growth

ASTL has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Finally, Zacks Research raised shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce”.

Algoma Steel Group Company Profile

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.