Algoma Steel Group (NASDAQ:ASTL) Announces Quarterly Earnings Results

Algoma Steel Group (NASDAQ:ASTL) issued its earnings results on Wednesday. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.13), Zacks reports. 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 $267.50 million during the quarter, compared to analyst estimates of $205.57 million.

Algoma Steel Group Price Performance

NASDAQ ASTL traded down $0.43 during trading on Thursday, hitting $3.84. 1,761,550 shares of the company’s stock were exchanged, compared to its average volume of 1,296,413. The company has a market cap of $405.73 million, a PE ratio of -0.52 and a beta of 1.64. The company has a current ratio of 2.45, a quick ratio of 1.22 and a debt-to-equity ratio of 2.19. Algoma Steel Group has a fifty-two week low of $3.02 and a fifty-two week high of $5.90. The stock’s 50 day moving average price is $4.43 and its two-hundred day moving average price is $4.48.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ASTL. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Institutional Investors Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC increased its position in Algoma Steel Group by 243.7% during the 4th quarter. Hsbc Holdings PLC now owns 38,754 shares of the company’s stock worth $159,000 after purchasing an additional 27,477 shares in the last quarter. Invesco Ltd. boosted its position in Algoma Steel Group by 27.6% in the fourth quarter. Invesco Ltd. now owns 66,713 shares of the company’s stock valued at $274,000 after buying an additional 14,415 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Algoma Steel Group by 74.3% during the fourth quarter. Mackenzie Financial Corp now owns 94,776 shares of the company’s stock worth $384,000 after buying an additional 40,413 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Algoma Steel Group by 15.8% during the fourth quarter. XTX Topco Ltd now owns 143,704 shares of the company’s stock worth $589,000 after buying an additional 19,627 shares during the last quarter. Finally, Orion Resource Partners LP grew its stake in shares of Algoma Steel Group by 173.8% during the fourth quarter. Orion Resource Partners LP now owns 381,728 shares of the company’s stock worth $1,571,000 after buying an additional 242,322 shares during the last quarter. 72.00% of the stock is owned by institutional investors.

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.