JB Capital Partners LP Reduces Holdings in Algoma Steel Group Inc. $ASTL

JB Capital Partners LP cut its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 12.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 872,277 shares of the company’s stock after selling 119,900 shares during the quarter. Algoma Steel Group accounts for about 0.6% of JB Capital Partners LP’s investment portfolio, making the stock its 24th largest holding. JB Capital Partners LP owned approximately 0.83% of Algoma Steel Group worth $3,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ASTL. Goldman Sachs Group Inc. lifted its holdings in Algoma Steel Group by 10.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 245,528 shares of the company’s stock worth $1,331,000 after buying an additional 23,659 shares during the period. Legal & General Group Plc lifted its holdings in Algoma Steel Group by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after buying an additional 8,963 shares during the period. Raymond James Financial Inc. purchased a new stake in Algoma Steel Group in the 2nd quarter worth approximately $32,000. PDT Partners LLC purchased a new stake in Algoma Steel Group in the 2nd quarter worth approximately $304,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in Algoma Steel Group in the 2nd quarter worth approximately $1,089,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ASTL shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Finally, Zacks Research upgraded Algoma Steel Group from a “strong sell” rating to a “hold” rating in a report on Tuesday. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Algoma Steel Group currently has a consensus rating of “Reduce”.

Algoma Steel Group Stock Up 6.4%

Shares of NASDAQ:ASTL opened at $5.01 on Friday. Algoma Steel Group Inc. has a 52-week low of $3.02 and a 52-week high of $7.24. The firm has a market capitalization of $528.00 million, a P/E ratio of -0.67 and a beta of 1.60. The stock has a 50 day moving average price of $4.90 and a 200-day moving average price of $4.50. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.22 and a current ratio of 2.45.

Algoma Steel Group (NASDAQ:ASTL) last announced its earnings results on Tuesday, May 12th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.28). Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%.The firm had revenue of $216.44 million during the quarter, compared to the consensus estimate of $217.57 million. As a group, equities research analysts anticipate that Algoma Steel Group Inc. will post -2.27 EPS for the current fiscal 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.