Algoma Steel Group (TSE:ASTL) Trading Down 14.9% Following Analyst Downgrade

Algoma Steel Group Inc. (TSE:ASTLGet Free Report) traded down 14.9% during trading on Tuesday after Stifel Nicolaus lowered their price target on the stock from C$13.00 to C$10.75. The company traded as low as C$4.77 and last traded at C$4.84. 1,763,102 shares were traded during trading, an increase of 444% from the average session volume of 324,177 shares. The stock had previously closed at C$5.69.

Several other research firms have also recently issued reports on ASTL. Royal Bank Of Canada cut their price target on shares of Algoma Steel Group from C$10.00 to C$8.00 and set a “sector perform” rating on the stock in a report on Thursday, July 31st. BMO Capital Markets lowered shares of Algoma Steel Group from an “outperform” rating to a “market perform” rating and cut their target price for the company from C$12.00 to C$8.00 in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Algoma Steel Group presently has a consensus rating of “Hold” and a consensus price target of C$8.92.

View Our Latest Analysis on Algoma Steel Group

Algoma Steel Group Stock Down 13.2%

The firm’s 50 day simple moving average is C$6.65 and its 200 day simple moving average is C$7.61. The company has a market cap of C$518.37 million, a price-to-earnings ratio of -3.41 and a beta of 2.07. The company has a quick ratio of 1.51, a current ratio of 3.31 and a debt-to-equity ratio of 43.70.

Algoma Steel Group Company Profile

(Get Free Report)

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales.

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