JB Capital Partners LP Purchases Shares of 872,277 Algoma Steel Group Inc. $ASTL

JB Capital Partners LP acquired a new position in Algoma Steel Group Inc. (NASDAQ:ASTL) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 872,277 shares of the company’s stock, valued at approximately $3,532,722,000. Algoma Steel Group comprises 0.5% of JB Capital Partners LP’s investment portfolio, making the stock its 26th biggest holding. JB Capital Partners LP owned 0.83% of Algoma Steel Group as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Maple Rock Capital Partners Inc. grew its holdings in Algoma Steel Group by 38.3% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company’s stock worth $59,166,000 after buying an additional 4,000,000 shares in the last quarter. MMCAP International Inc. SPC lifted its stake in Algoma Steel Group by 42.2% during the 4th quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after acquiring an additional 3,409,033 shares in the last quarter. Donald Smith & CO. Inc. bought a new position in Algoma Steel Group during the 2nd quarter valued at $21,374,000. BlackRock Inc. purchased a new position in Algoma Steel Group during the 2nd quarter worth $16,780,000. Finally, Littlejohn & Co. LLC boosted its holdings in Algoma Steel Group by 27.9% during the 4th quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company’s stock worth $14,131,000 after acquiring an additional 752,616 shares during the last quarter. 72.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on ASTL shares. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Finally, Wall Street Zen upgraded Algoma Steel Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 1st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Algoma Steel Group Trading Up 2.0%

Shares of Algoma Steel Group stock opened at $4.65 on Friday. The firm has a market cap of $491.32 million, a PE ratio of -0.63 and a beta of 1.64. Algoma Steel Group Inc. has a 1 year low of $3.02 and a 1 year high of $5.90. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.49 and a quick ratio of 1.35. The stock has a fifty day moving average price of $4.14 and a 200-day moving average price of $4.47.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The company had revenue of $267.50 million for the quarter, compared to the consensus estimate of $205.57 million. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. Equities research analysts anticipate that Algoma Steel Group Inc. will post -2.37 EPS for the current year.

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.