Prescott Group Capital Management L.L.C. Acquires New Stake in Algoma Steel Group Inc. $ASTL

Prescott Group Capital Management L.L.C. acquired a new stake in Algoma Steel Group Inc. (NASDAQ:ASTL) in the fourth quarter, Holdings Channel reports. The firm acquired 231,219 shares of the company’s stock, valued at approximately $948,000.

Other large investors have also recently bought and sold shares of the company. MMCAP International Inc. SPC grew its holdings in Algoma Steel Group by 11.9% during the 3rd quarter. MMCAP International Inc. SPC now owns 8,078,828 shares of the company’s stock worth $28,720,000 after acquiring an additional 860,610 shares during the period. Readystate Asset Management LP grew its holdings in Algoma Steel Group by 13.3% during the 3rd quarter. Readystate Asset Management LP now owns 640,324 shares of the company’s stock worth $2,276,000 after acquiring an additional 75,099 shares during the period. Heartland Advisors Inc. grew its holdings in Algoma Steel Group by 20.0% during the 3rd quarter. Heartland Advisors Inc. now owns 600,000 shares of the company’s stock worth $2,133,000 after acquiring an additional 100,000 shares during the period. UBS Group AG grew its holdings in Algoma Steel Group by 238.7% during the 3rd quarter. UBS Group AG now owns 573,476 shares of the company’s stock worth $2,039,000 after acquiring an additional 404,139 shares during the period. Finally, Moore Capital Management LP acquired a new stake in Algoma Steel Group during the 2nd quarter worth about $1,463,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Stock Performance

Shares of ASTL opened at $4.93 on Thursday. The company has a debt-to-equity ratio of 2.19, a current ratio of 2.45 and a quick ratio of 1.22. The stock has a 50-day moving average of $4.48 and a 200-day moving average of $4.34. The company has a market cap of $518.54 million, a PE ratio of -0.66 and a beta of 1.55. Algoma Steel Group Inc. has a one year low of $3.02 and a one year high of $7.24.

Algoma Steel Group (NASDAQ:ASTL) last issued its earnings results on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.28). The firm had revenue of $216.44 million during the quarter, compared to analyst estimates of $217.57 million. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. On average, equities research analysts predict that Algoma Steel Group Inc. will post -2.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ASTL. Zacks Research downgraded Algoma Steel Group from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce”.

Algoma Steel Group 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.