Zacks Research Upgrades Algoma Steel Group (NASDAQ:ASTL) to Hold

Algoma Steel Group (NASDAQ:ASTL) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

A number of other research analysts also 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 reaffirmed 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 one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce”.

Algoma Steel Group Stock Down 2.6%

Shares of NASDAQ:ASTL opened at $4.56 on Tuesday. 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 12 month low of $3.02 and a 12 month high of $7.24. The company has a 50-day moving average price of $4.87 and a 200 day moving average price of $4.48. The company has a market cap of $480.58 million, a price-to-earnings ratio of -0.61 and a beta of 1.60.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $216.44 million during the quarter, compared to the consensus estimate of $217.57 million. As a group, equities research analysts predict that Algoma Steel Group will post -2.27 earnings per share for the current year.

Institutional Trading of Algoma Steel Group

Several institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC lifted its stake in Algoma Steel Group by 5.6% in the fourth quarter. LPL Financial LLC now owns 62,194 shares of the company’s stock worth $255,000 after purchasing an additional 3,300 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Algoma Steel Group by 13.7% in the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after purchasing an additional 3,400 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Algoma Steel Group in the second quarter worth about $32,000. Mackenzie Financial Corp lifted its stake in Algoma Steel Group by 12.6% in the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock worth $193,000 after purchasing an additional 6,086 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Algoma Steel Group by 11.3% in the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after purchasing an additional 8,963 shares during the last quarter. Institutional investors own 72.00% of the company’s stock.

About Algoma Steel Group

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.