Algoma Steel Group (TSE:ASTL) Sets New 52-Week High – Still a Buy?

Algoma Steel Group Inc. (TSE:ASTL) shares hit a new 52-week high during trading on Monday. The stock traded as high as C$8.21 and last traded at C$8.16, with a volume of 1,171,594 shares trading hands. The stock had previously closed at C$7.60.

Analysts Set New Price Targets

ASTL has been the topic of a number of research analyst reports. BMO Capital Markets reduced their target price on Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating on the stock in a report on Friday, July 31st. Royal Bank Of Canada set a C$6.00 price objective on Algoma Steel Group and gave the stock a “sector perform” rating in a research report on Wednesday, September 2nd. Three analysts have rated the stock with a Hold rating. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of C$6.00.

Algoma Steel Group Trading Up 7.8%

The stock has a market capitalization of C$863.14 million, a P/E ratio of -1.19 and a beta of 1.99. The company has a current ratio of 2.53, a quick ratio of 1.50 and a debt-to-equity ratio of 478.37. The company has a 50-day moving average price of C$6.24 and a 200 day moving average price of C$6.19.

Algoma Steel Group (TSE:ASTL) last released its quarterly earnings results on Wednesday, October 28th. The company reported C($1.18) EPS for the quarter. The firm had revenue of C$249.40 million for the quarter. Algoma Steel Group had a negative net margin of 41.29% and a negative return on equity of 166.65%. On average, research analysts forecast that Algoma Steel Group Inc. will post 1.48 earnings per share for the current fiscal year.

About Algoma Steel Group

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.