Algoma Steel Group (NASDAQ:ASTL) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Algoma Steel Group (NASDAQ:ASTL) from a strong sell rating to a sell rating in a report published on Saturday.

Several other equities analysts have also weighed in on ASTL. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Wednesday, June 24th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Finally, 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. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Algoma Steel Group Stock Up 1.8%

Shares of ASTL opened at $3.92 on Friday. The company has a market capitalization of $414.19 million, a price-to-earnings ratio of -0.53 and a beta of 1.64. Algoma Steel Group has a 52 week low of $3.02 and a 52 week high of $5.90. The stock’s 50-day moving average price is $4.37 and its 200-day moving average price is $4.47. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. The company had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $205.57 million. On average, sell-side analysts predict that Algoma Steel Group will post -2.19 EPS for the current year.

Institutional Investors Weigh In On Algoma Steel Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG grew its holdings in shares of Algoma Steel Group by 64.7% during the fourth quarter. UBS Group AG now owns 944,764 shares of the company’s stock worth $3,874,000 after buying an additional 371,288 shares in the last quarter. Littlejohn & Co. LLC lifted its stake in shares of Algoma Steel Group by 27.9% in the fourth quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company’s stock worth $14,131,000 after buying an additional 752,616 shares in the last quarter. CenterBook Partners LP lifted its stake in shares of Algoma Steel Group by 70.2% in the fourth 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. MMCAP International Inc. SPC boosted its position in Algoma Steel Group by 42.2% during the fourth quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock worth $47,111,000 after acquiring an additional 3,409,033 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. acquired a new position in Algoma Steel Group during the fourth quarter worth about $948,000. Hedge funds and other institutional investors 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.