Algoma Steel Group (NASDAQ:ASTL) Lowered to Strong Sell Rating by Zacks Research

Algoma Steel Group (NASDAQ:ASTL) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Friday, March 27th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Algoma Steel Group presently has an average rating of “Reduce”.

Algoma Steel Group Stock Down 2.9%

Shares of NASDAQ:ASTL opened at $4.99 on Monday. The business has a fifty 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 quick ratio of 1.03, a current ratio of 2.18 and a debt-to-equity ratio of 1.36. The firm has a market cap of $524.87 million, a P/E ratio of -0.74 and a beta of 1.55.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.28). Algoma Steel Group had a negative return on equity of 42.31% and a negative net margin of 47.61%. Analysts predict that Algoma Steel Group will post -1.83 earnings per share for the current year.

Hedge Funds Weigh In On Algoma Steel Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Maple Rock Capital Partners Inc. boosted its stake in shares of Algoma Steel Group by 38.3% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company’s stock worth $59,166,000 after buying an additional 4,000,000 shares during the last quarter. MMCAP International Inc. SPC lifted its position in shares of 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 worth $47,111,000 after acquiring an additional 3,409,033 shares in the last quarter. Littlejohn & Co. LLC lifted its position in shares of Algoma Steel Group by 27.9% during the fourth quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company’s stock worth $14,131,000 after acquiring an additional 752,616 shares in the last quarter. TD Asset Management Inc lifted its position in shares of 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 worth $6,955,000 after acquiring an additional 1,571,184 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its position in shares of Algoma Steel Group by 14,366.4% during the third 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 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.