Zacks Research Upgrades Algoma Steel Group (NASDAQ:ASTL) to “Strong-Buy”

Algoma Steel Group (NASDAQ:ASTL) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other analysts also recently commented on ASTL. Jefferies Financial Group began coverage on Algoma Steel Group in a research report on Friday, January 2nd. They set a “hold” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Algoma Steel Group Stock Down 0.7%

ASTL opened at $4.35 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.29 and a quick ratio of 0.76. The company’s 50-day moving average is $4.03 and its 200 day moving average is $4.64. Algoma Steel Group has a fifty-two week low of $3.02 and a fifty-two week high of $8.96. The firm has a market capitalization of $456.46 million, a P/E ratio of -0.92 and a beta of 1.56.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.78. Algoma Steel Group had a negative net margin of 31.27% and a negative return on equity of 15.13%. The business had revenue of $380.44 million during the quarter, compared to the consensus estimate of $366.98 million. Research analysts expect that Algoma Steel Group will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Algoma Steel Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ASTL. Raymond James Financial Inc. purchased a new position in shares of Algoma Steel Group in the second quarter worth about $32,000. Olympiad Research LP bought a new position in shares of Algoma Steel Group in the third quarter worth $74,000. Engineers Gate Manager LP purchased a new position in shares of Algoma Steel Group in the second quarter valued at $146,000. Lighthouse Investment Partners LLC bought a new stake in shares of Algoma Steel Group during the 3rd quarter valued at $79,000. Finally, Assenagon Asset Management S.A. purchased a new stake in Algoma Steel Group during the 3rd quarter worth about $81,000. Institutional investors own 72.00% of the company’s stock.

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.