Algoma Steel Group Inc. (NASDAQ:ASTL) Receives Average Recommendation of “Reduce” from Brokerages

Algoma Steel Group Inc. (NASDAQ:ASTL) has been assigned a consensus rating of “Reduce” from the six research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating on the company.

A number of brokerages have weighed in on ASTL. Zacks Research downgraded Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday, December 29th. Finally, Jefferies Financial Group initiated coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating for the company.

Algoma Steel Group Stock Up 4.5%

Algoma Steel Group stock opened at $3.74 on Wednesday. The company has a current ratio of 2.18, a quick ratio of 1.03 and a debt-to-equity ratio of 1.36. Algoma Steel Group has a 1-year low of $3.02 and a 1-year high of $7.24. The firm’s fifty day simple moving average is $4.46 and its 200-day simple moving average is $4.23. The company has a market capitalization of $392.70 million, a P/E ratio of -0.56 and a beta of 1.54.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings data on Wednesday, March 11th. The company reported ($2.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($2.43). The business had revenue of $331.33 million during the quarter, compared to the consensus estimate of $474.30 million. Algoma Steel Group had a negative return on equity of 42.31% and a negative net margin of 47.61%. Sell-side analysts forecast that Algoma Steel Group will post -0.63 earnings per share for the current fiscal year.

Institutional Trading of Algoma Steel Group

Institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. grew its stake in Algoma Steel Group by 27.6% in the 4th quarter. Invesco Ltd. now owns 66,713 shares of the company’s stock valued at $274,000 after buying an additional 14,415 shares during the last quarter. Mackenzie Financial Corp lifted its position in Algoma Steel Group by 74.3% during the 4th quarter. Mackenzie Financial Corp now owns 94,776 shares of the company’s stock worth $384,000 after acquiring an additional 40,413 shares during the last quarter. XTX Topco Ltd boosted its holdings in Algoma Steel Group by 15.8% during the fourth quarter. XTX Topco Ltd now owns 143,704 shares of the company’s stock valued at $589,000 after acquiring an additional 19,627 shares during the period. Orion Resource Partners LP boosted its holdings in Algoma Steel Group by 173.8% during the fourth quarter. Orion Resource Partners LP now owns 381,728 shares of the company’s stock valued at $1,571,000 after acquiring an additional 242,322 shares during the period. Finally, Aristeia Capital L.L.C. acquired a new stake in shares of Algoma Steel Group in the fourth quarter valued at about $493,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

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.