Algoma Steel Group (NASDAQ:ASTL) Stock Rating Raised to “Hold” at Wall Street Zen

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

ASTL has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday, September 21st. Royal Bank Of Canada restated a “sector perform” rating on shares of Algoma Steel Group in a research note on Monday, September 28th. 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 an average rating of “Reduce”.

Algoma Steel Group Trading Down 4.4%

NASDAQ:ASTL opened at $4.77 on Friday. Algoma Steel Group has a 12-month low of $3.16 and a 12-month high of $5.90. The firm has a market cap of $504.00 million, a PE ratio of -0.96 and a beta of 1.65. The company has a current ratio of 2.49, a quick ratio of 1.35 and a debt-to-equity ratio of 2.85. The stock has a fifty day moving average price of $4.35 and a 200 day moving average price of $4.43.

Algoma Steel Group (NASDAQ:ASTL) last issued its earnings results on Wednesday, October 28th. The company reported ($0.84) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.35). Algoma Steel Group had a negative return on equity of 186.12% and a negative net margin of 59.04%. The firm had revenue of $175.15 million for the quarter, compared to analyst estimates of $161.15 million. Sell-side analysts anticipate that Algoma Steel Group will post -2.37 earnings per share for the current fiscal year.

Institutional Trading of Algoma Steel Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Donald Smith & CO. Inc. purchased a new stake in Algoma Steel Group during the second quarter worth $21,374,000. BlackRock Inc. acquired a new stake in Algoma Steel Group in the second quarter valued at $16,780,000. Littlejohn & Co. LLC purchased a new position in shares of Algoma Steel Group in the second quarter valued at $6,150,792. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Algoma Steel Group in the second quarter valued at $5,648,000. Finally, LM Asset Management Inc. acquired a new position in shares of Algoma Steel Group during the 2nd quarter worth $4,114,800. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is an integrated steel producer headquartered in Sault Ste. Marie, Ontario, Canada. Through its steelmaking and finishing operations, the company produces a range of steel products for customers primarily in Canada and the United States.

Algoma’s product portfolio includes hot- and cold-rolled steel sheet, galvanized steel and steel plate. Its products are used in sectors such as automotive manufacturing, construction, energy, transportation, industrial equipment and general manufacturing.