CenterBook Partners LP Increases Stake in Algoma Steel Group Inc. $ASTL

CenterBook Partners LP raised its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 70.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 398,845 shares of the company’s stock after purchasing an additional 164,528 shares during the period. CenterBook Partners LP’s holdings in Algoma Steel Group were worth $1,635,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ASTL. MMCAP International Inc. SPC raised its position in shares of Algoma Steel Group by 42.2% in the fourth quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after buying an additional 3,409,033 shares during the last quarter. Maple Rock Capital Partners Inc. grew its stake in Algoma Steel Group by 24.2% during the 3rd quarter. Maple Rock Capital Partners Inc. now owns 10,430,818 shares of the company’s stock valued at $37,082,000 after acquiring an additional 2,034,018 shares in the last quarter. Littlejohn & Co. LLC raised its holdings in Algoma Steel Group by 27.9% in the 4th quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company’s stock valued at $14,131,000 after acquiring an additional 752,616 shares during the last quarter. TD Asset Management Inc lifted its stake in Algoma Steel Group by 1,351.7% in the 4th quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock worth $6,955,000 after purchasing an additional 1,571,184 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its holdings in shares of Algoma Steel Group by 14,366.4% during the 3rd quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company’s stock worth $5,439,000 after purchasing an additional 1,518,530 shares during the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ASTL. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Finally, Zacks Research downgraded Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Algoma Steel Group Stock Performance

Algoma Steel Group stock opened at $4.68 on Wednesday. The firm has a 50 day simple moving average of $4.86 and a 200-day simple moving average of $4.48. Algoma Steel Group Inc. has a 1-year low of $3.02 and a 1-year high of $7.24. 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 market cap of $493.23 million, a price-to-earnings ratio of -0.63 and a beta of 1.60.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly 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). Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. The firm had revenue of $216.44 million for the quarter, compared to analysts’ expectations of $217.57 million. On average, analysts expect that Algoma Steel Group Inc. will post -2.27 EPS for the current year.

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.