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

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have been assigned a consensus recommendation of “Reduce” from the five ratings firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating on the company.

ASTL has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday. Finally, Zacks Research downgraded Algoma Steel Group from a “hold” rating to a “strong sell” rating in a report on Monday.

Algoma Steel Group Stock Up 4.1%

Shares of NASDAQ:ASTL traded up $0.21 during trading hours on Thursday, hitting $5.21. The company’s stock had a trading volume of 844,408 shares, compared to its average volume of 1,425,222. The company has a market capitalization of $547.46 million, a price-to-earnings ratio of -0.69 and a beta of 1.55. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.18 and a quick ratio of 1.03. The firm’s fifty day moving average price is $4.42 and its 200 day moving average price is $4.31. Algoma Steel Group has a 52 week low of $3.02 and a 52 week high of $7.24.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). Algoma Steel Group had a negative return on equity of 64.28% and a negative net margin of 60.03%.The company had revenue of $216.44 million during the quarter, compared to analysts’ expectations of $217.57 million. As a group, research analysts expect that Algoma Steel Group will post -1.83 EPS for the current year.

Institutional Trading of Algoma Steel Group

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in shares of Algoma Steel Group during the second quarter worth $32,000. Element Pointe Advisors LLC purchased a new position in shares of Algoma Steel Group during the 4th quarter valued at about $41,000. Federation des caisses Desjardins du Quebec lifted its holdings in shares of Algoma Steel Group by 101.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after buying an additional 9,000 shares during the period. Olympiad Research LP acquired a new stake in Algoma Steel Group during the third quarter worth about $74,000. Finally, Lighthouse Investment Partners LLC purchased a new position in Algoma Steel Group during the third quarter valued at approximately $79,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

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.