Cormark Cuts Earnings Estimates for Algoma Steel Group

Algoma Steel Group Inc. (NASDAQ:ASTL) – Analysts at Cormark lowered their FY2025 earnings estimates for shares of Algoma Steel Group in a research report issued to clients and investors on Thursday, July 31st. Cormark analyst D. Ocampo now anticipates that the company will earn ($2.04) per share for the year, down from their previous forecast of ($1.40). The consensus estimate for Algoma Steel Group’s current full-year earnings is ($0.63) per share.

Other research analysts also recently issued research reports about the stock. Royal Bank Of Canada upgraded shares of Algoma Steel Group to a “hold” rating in a research report on Tuesday, April 22nd. Stifel Canada downgraded shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 17th. BMO Capital Markets downgraded shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 2nd. Finally, Wall Street Zen downgraded shares of Algoma Steel Group from a “hold” rating to a “sell” rating in a research report on Saturday.

Algoma Steel Group Stock Down 3.9%

ASTL opened at $5.14 on Monday. Algoma Steel Group has a twelve month low of $4.17 and a twelve month high of $12.14. The company has a quick ratio of 0.98, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $6.34 and a 200 day moving average price of $6.37. The company has a market cap of $539.34 million, a PE ratio of -2.30 and a beta of 1.62.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.29). Algoma Steel Group had a negative return on equity of 22.24% and a negative net margin of 13.51%. The company had revenue of $433.14 million for the quarter, compared to analyst estimates of $577.67 million.

Institutional Trading of Algoma Steel Group

A number of hedge funds have recently bought and sold shares of the business. Donald Smith & CO. Inc. raised its holdings in Algoma Steel Group by 0.3% in the 1st quarter. Donald Smith & CO. Inc. now owns 8,088,120 shares of the company’s stock valued at $43,838,000 after acquiring an additional 20,517 shares during the last quarter. MMCAP International Inc. SPC raised its holdings in Algoma Steel Group by 0.3% in the 1st quarter. MMCAP International Inc. SPC now owns 6,641,417 shares of the company’s stock valued at $35,996,000 after acquiring an additional 21,414 shares during the last quarter. Woodline Partners LP raised its holdings in Algoma Steel Group by 59.2% in the 4th quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock valued at $27,819,000 after acquiring an additional 1,057,517 shares during the last quarter. Intact Investment Management Inc. increased its holdings in shares of Algoma Steel Group by 24.6% during the 1st quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company’s stock worth $7,945,000 after buying an additional 288,861 shares during the last quarter. Finally, Solas Capital Management LLC increased its holdings in shares of Algoma Steel Group by 37.7% during the 1st quarter. Solas Capital Management LLC now owns 1,460,646 shares of the company’s stock worth $7,917,000 after buying an additional 400,000 shares during the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

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.