Algoma Steel Group (NASDAQ:ASTL) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Algoma Steel Group (NASDAQ:ASTL) from a hold rating to a sell rating in a research report released on Saturday morning.

Several other brokerages also recently commented on ASTL. Royal Bank Of Canada upgraded shares of Algoma Steel Group to a “hold” rating in a research report on Tuesday, April 22nd. Stifel Canada cut shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 17th. Finally, BMO Capital Markets cut shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 2nd.

Algoma Steel Group Stock Down 2.5%

Shares of ASTL opened at $5.01 on Friday. Algoma Steel Group has a one year low of $4.17 and a one year high of $12.14. The company has a market cap of $525.72 million, a P/E ratio of -2.25 and a beta of 1.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.46 and a quick ratio of 0.98. The firm has a 50 day simple moving average of $6.33 and a two-hundred day simple moving average of $6.35.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.29). Algoma Steel Group had a negative net margin of 13.51% and a negative return on equity of 22.24%. The firm had revenue of $433.14 million for the quarter, compared to analyst estimates of $577.67 million. Research analysts forecast that Algoma Steel Group will post -0.63 EPS for the current fiscal year.

Institutional Trading of Algoma Steel Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. grew its stake in shares of Algoma Steel Group by 3.2% in the fourth quarter. American Century Companies Inc. now owns 172,428 shares of the company’s stock worth $1,689,000 after purchasing an additional 5,296 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Algoma Steel Group by 276.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock worth $12,884,000 after purchasing an additional 966,976 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Algoma Steel Group by 31.4% in the fourth quarter. National Bank of Canada FI now owns 42,165 shares of the company’s stock worth $413,000 after purchasing an additional 10,065 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Algoma Steel Group by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 152,846 shares of the company’s stock worth $1,499,000 after purchasing an additional 1,985 shares during the last quarter. Finally, Wells Fargo & Company MN bought a new stake in shares of Algoma Steel Group in the fourth quarter worth $210,000. Institutional investors 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.