Algoma Steel Group (TSE:ASTL) Trading Up 2.3% – Time to Buy?

Algoma Steel Group Inc. (TSE:ASTL) was up 2.3% on Thursday . The stock traded as high as C$5.85 and last traded at C$5.78. Approximately 487,628 shares changed hands during trading, an increase of 3% from the average daily volume of 471,768 shares. The stock had previously closed at C$5.65.

Analyst Ratings Changes

A number of brokerages have weighed in on ASTL. Royal Bank Of Canada reduced their target price on Algoma Steel Group from C$8.00 to C$6.00 and set a “sector perform” rating on the stock in a report on Thursday, October 2nd. Stifel Nicolaus upped their price objective on Algoma Steel Group from C$10.75 to C$11.50 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$8.50.

Algoma Steel Group Stock Up 2.3%

The company has a market capitalization of C$606.52 million, a price-to-earnings ratio of -3.99 and a beta of 1.55. The company has a debt-to-equity ratio of 43.70, a current ratio of 3.31 and a quick ratio of 1.51. The firm’s fifty day moving average price is C$5.42 and its 200-day moving average price is C$6.91.

Algoma Steel Group (TSE:ASTL) last issued its quarterly earnings data on Wednesday, October 29th. The company reported C($4.46) earnings per share for the quarter. Algoma Steel Group had a negative return on equity of 10.66% and a negative net margin of 6.33%.The firm had revenue of C$523.90 million for the quarter. Sell-side analysts expect that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current fiscal year.

Algoma Steel Group Company Profile

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.