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

Algoma Steel Group (NASDAQ:ASTL) issued its earnings results on Tuesday. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.28), Zacks reports. Algoma Steel Group had a negative return on equity of 42.31% and a negative net margin of 47.61%.The company had revenue of $216.44 million for the quarter, compared to analysts’ expectations of $217.57 million.

Algoma Steel Group Price Performance

Shares of ASTL stock traded up $0.05 during mid-day trading on Wednesday, reaching $5.04. The stock had a trading volume of 408,652 shares, compared to its average volume of 1,398,200. The company has a current ratio of 2.18, a quick ratio of 1.03 and a debt-to-equity ratio of 1.36. The business has a 50-day simple moving average of $4.42 and a 200 day simple moving average of $4.31. Algoma Steel Group has a 12-month low of $3.02 and a 12-month high of $7.24. The company has a market cap of $530.24 million, a P/E ratio of -0.74 and a beta of 1.55.

Hedge Funds Weigh In On Algoma Steel Group

Several hedge funds have recently bought and sold shares of ASTL. Raymond James Financial Inc. purchased a new stake in Algoma Steel Group during the 2nd quarter worth about $32,000. Element Pointe Advisors LLC acquired a new stake in shares of Algoma Steel Group during the fourth quarter worth $41,000. Federation des caisses Desjardins du Quebec grew its holdings in Algoma Steel Group by 101.6% in the 4th 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 during the period. Lighthouse Investment Partners LLC acquired a new position in Algoma Steel Group during the third quarter worth approximately $79,000. Finally, FIL Ltd acquired a new stake in shares of Algoma Steel Group during the 4th quarter worth $85,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on ASTL shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Zacks Research cut shares of Algoma Steel Group from a “hold” rating to a “strong sell” rating in a report on Monday. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Algoma Steel Group presently has an average rating of “Reduce”.

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.