JB Capital Partners LP Sells 119,900 Shares of Algoma Steel Group Inc. $ASTL

JB Capital Partners LP lowered its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 12.1% in the 4th quarter, Holdings Channel reports. The fund owned 872,277 shares of the company’s stock after selling 119,900 shares during the quarter. Algoma Steel Group accounts for 0.6% of JB Capital Partners LP’s holdings, making the stock its 24th biggest holding. JB Capital Partners LP’s holdings in Algoma Steel Group were worth $3,576,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ASTL. MMCAP International Inc. SPC increased its position 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 buying an additional 3,409,033 shares in the last quarter. Maple Rock Capital Partners Inc. increased its position in Algoma Steel Group by 24.2% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 10,430,818 shares of the company’s stock valued at $37,082,000 after buying an additional 2,034,018 shares in the last quarter. TD Asset Management Inc increased its position in 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 valued at $6,955,000 after buying an additional 1,571,184 shares in the last quarter. Quadrature Capital Ltd increased its position in Algoma Steel Group by 14,366.4% during the 3rd quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company’s stock valued at $5,439,000 after buying an additional 1,518,530 shares in the last quarter. Finally, Littlejohn & Co. LLC increased its position 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 valued at $14,131,000 after buying an additional 752,616 shares in the last quarter. Institutional investors own 72.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ASTL. Zacks Research raised Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday. 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 reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Friday, March 27th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce”.

Algoma Steel Group Stock Up 6.4%

Algoma Steel Group stock opened at $5.01 on Friday. The firm has a market cap of $528.00 million, a price-to-earnings ratio of -0.67 and a beta of 1.60. The stock has a fifty day simple moving average of $4.90 and a two-hundred day simple moving average of $4.50. Algoma Steel Group Inc. has a 12 month low of $3.02 and a 12 month high of $7.24. The company has a current ratio of 2.45, a quick ratio of 1.22 and a debt-to-equity ratio of 2.19.

Algoma Steel Group (NASDAQ:ASTL) last posted 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). The business had revenue of $216.44 million during the quarter, compared to the consensus estimate of $217.57 million. Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%. Equities analysts predict that Algoma Steel Group Inc. will post -2.27 EPS for the current fiscal year.

Algoma Steel Group 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.