BMO Capital Markets Downgrades Algoma Steel Group (NASDAQ:ASTL) to Hold

Algoma Steel Group (NASDAQ:ASTL) was downgraded by stock analysts at BMO Capital Markets from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

ASTL has been the subject of several other reports. Royal Bank of Canada upgraded shares of Algoma Steel Group to a “hold” rating in a research note on Tuesday, April 22nd. Stifel Canada cut shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 17th.

Algoma Steel Group Stock Up 3.4%

Shares of ASTL opened at $5.11 on Monday. Algoma Steel Group has a fifty-two week low of $4.17 and a fifty-two week high of $12.14. The firm has a market cap of $536.21 million, a PE ratio of -4.02 and a beta of 1.58. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. The company’s fifty day moving average is $5.23 and its two-hundred day moving average is $7.39.

Algoma Steel Group (NASDAQ:ASTL) last issued its earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.36. The business had revenue of $359.30 million during the quarter, compared to analysts’ expectations of $327.56 million. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. Analysts forecast that Algoma Steel Group will post -0.63 earnings per share for the current year.

Hedge Funds Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently bought and sold shares of ASTL. Van ECK Associates Corp grew its position in Algoma Steel Group by 4.0% in the fourth quarter. Van ECK Associates Corp now owns 103,555 shares of the company’s stock valued at $1,013,000 after acquiring an additional 3,944 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Algoma Steel Group by 16.8% during the 4th quarter. CIBC Asset Management Inc now owns 118,602 shares of the company’s stock valued at $1,159,000 after purchasing an additional 17,035 shares in the last quarter. Terril Brothers Inc. acquired a new stake in Algoma Steel Group during the 4th quarter valued at $214,000. Scheer Rowlett & Associates Investment Management Ltd. increased its stake in Algoma Steel Group by 1.0% during the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company’s stock worth $21,320,000 after buying an additional 22,049 shares during the period. Finally, Corient Private Wealth LLC acquired a new position in Algoma Steel Group in the 4th quarter worth $147,000. 72.00% of the stock is owned by institutional investors and hedge funds.

About Algoma Steel Group

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.