Algoma Steel Group (NASDAQ:ASTL) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Algoma Steel Group (NASDAQ:ASTL) from a strong sell rating to a sell rating in a report published on Saturday.

Other research analysts also recently issued reports about the stock. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Algoma Steel Group presently has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

ASTL opened at $3.85 on Friday. Algoma Steel Group has a 12-month low of $3.02 and a 12-month high of $5.90. The company has a current ratio of 2.45, a quick ratio of 1.22 and a debt-to-equity ratio of 2.19. The firm has a market capitalization of $406.79 million, a PE ratio of -0.52 and a beta of 1.64. The firm has a 50 day moving average of $4.39 and a two-hundred day moving average of $4.48.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The business had revenue of $267.50 million during the quarter, compared to analysts’ expectations of $205.57 million. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 97.15%. On average, analysts anticipate that Algoma Steel Group will post -2.19 EPS for the current year.

Hedge Funds Weigh In On Algoma Steel Group

Institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Algoma Steel Group during the second quarter worth $32,000. Element Pointe Advisors LLC acquired a new stake in Algoma Steel Group during the fourth quarter valued at $41,000. Federation des caisses Desjardins du Quebec increased its holdings in 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 valued at $73,000 after buying an additional 9,000 shares in the last quarter. FIL Ltd purchased a new position in Algoma Steel Group in the fourth quarter valued at $85,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Algoma Steel Group in the second quarter worth about $146,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

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.