Donald Smith & CO. Inc. Makes New $21.37 Million Investment in Algoma Steel Group Inc. $ASTL

Donald Smith & CO. Inc. bought a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 5,277,631 shares of the company’s stock, valued at approximately $21,374,000.

A number of other hedge funds also recently modified their holdings of ASTL. BlackRock Inc. acquired a new stake in shares of Algoma Steel Group in the second quarter worth $16,780,000. Maple Rock Capital Partners Inc. raised its position 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 valued at $59,166,000 after buying an additional 4,000,000 shares during the period. MMCAP International Inc. SPC raised its position in Algoma Steel Group by 42.2% during the fourth 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 during the period. TD Asset Management Inc raised its position in Algoma Steel Group by 1,351.7% during the fourth 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 during the period. Finally, Quadrature Capital Ltd lifted its stake in Algoma Steel Group by 14,366.4% in the 3rd quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company’s stock worth $5,439,000 after acquiring an additional 1,518,530 shares in the last quarter. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Up 2.0%

ASTL opened at $4.65 on Friday. Algoma Steel Group Inc. has a fifty-two week low of $3.02 and a fifty-two week high of $5.90. The business has a 50-day moving average of $4.14 and a 200-day moving average of $4.47. 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 company has a market capitalization of $491.32 million, a PE ratio of -0.63 and a beta of 1.64.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The firm had revenue of $267.50 million during 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 forecast that Algoma Steel Group Inc. will post -2.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.