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

Zacks Research cut shares of Algoma Steel Group (NASDAQ:ASTL) from a hold rating to a strong sell rating in a research note issued to investors on Monday morning,Zacks.com reports.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.

Algoma Steel Group Stock Down 2.9%

ASTL stock opened at $4.99 on Monday. Algoma Steel Group has a 12 month low of $3.02 and a 12 month high of $7.24. The firm has a 50 day simple moving average of $4.42 and a 200 day simple moving average of $4.31. 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 has a market cap of $524.87 million, a PE ratio of -0.74 and a beta of 1.55.

Algoma Steel Group (NASDAQ:ASTL) last released 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 net margin of 47.61% and a negative return on equity of 42.31%. Equities research analysts forecast that Algoma Steel Group will post -1.83 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Algoma Steel Group

A number of large investors have recently made changes to their positions in ASTL. MMCAP International Inc. SPC lifted its position in Algoma Steel Group by 11.9% in the 3rd quarter. MMCAP International Inc. SPC now owns 8,078,828 shares of the company’s stock worth $28,720,000 after buying an additional 860,610 shares in the last quarter. Readystate Asset Management LP lifted its position in Algoma Steel Group by 13.3% in the 3rd quarter. Readystate Asset Management LP now owns 640,324 shares of the company’s stock worth $2,276,000 after buying an additional 75,099 shares in the last quarter. Heartland Advisors Inc. lifted its position in Algoma Steel Group by 20.0% in the 3rd quarter. Heartland Advisors Inc. now owns 600,000 shares of the company’s stock worth $2,133,000 after buying an additional 100,000 shares in the last quarter. Olympiad Research LP purchased a new stake in Algoma Steel Group in the 3rd quarter worth approximately $74,000. Finally, CenterBook Partners LP lifted its position in Algoma Steel Group by 70.2% in the 4th quarter. CenterBook Partners LP now owns 398,845 shares of the company’s stock worth $1,635,000 after buying an additional 164,528 shares in the last quarter. Institutional investors and hedge funds 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.