Algoma Steel Group Inc. (NASDAQ:ASTL) Receives Average Recommendation of “Reduce” from Analysts

Algoma Steel Group Inc. (NASDAQ:ASTL) has been given a consensus rating of “Reduce” by the five brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company.

ASTL has been the topic of a number of recent research reports. Jefferies Financial Group assumed coverage on Algoma Steel Group in a research note on Friday. They issued a “hold” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday, December 29th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Scheer Rowlett & Associates Investment Management Ltd. grew its holdings in Algoma Steel Group by 34.0% during the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 3,898,205 shares of the company’s stock worth $26,983,000 after acquiring an additional 989,633 shares during the last quarter. TD Asset Management Inc lifted its position in shares of Algoma Steel Group by 712.0% during the second quarter. TD Asset Management Inc now owns 1,363,300 shares of the company’s stock worth $9,402,000 after purchasing an additional 1,195,416 shares in the last quarter. NewGen Asset Management Ltd grew its stake in shares of Algoma Steel Group by 54.7% during the second quarter. NewGen Asset Management Ltd now owns 1,132,909 shares of the company’s stock valued at $7,806,000 after purchasing an additional 400,409 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Algoma Steel Group by 1,321,815.2% during the first quarter. Cubist Systematic Strategies LLC now owns 436,232 shares of the company’s stock valued at $2,364,000 after purchasing an additional 436,199 shares during the last quarter. Finally, Amitell Capital Pte Ltd acquired a new stake in shares of Algoma Steel Group in the second quarter valued at approximately $7,441,000. 72.00% of the stock is owned by institutional investors and hedge funds.

Algoma Steel Group Stock Performance

ASTL opened at $3.92 on Friday. The company has a quick ratio of 0.76, a current ratio of 2.29 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average price is $4.02 and its two-hundred day moving average price is $4.77. The firm has a market capitalization of $411.33 million, a P/E ratio of -0.83 and a beta of 1.56. Algoma Steel Group has a 12-month low of $3.02 and a 12-month high of $9.37.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.66) by $0.78. Algoma Steel Group had a negative return on equity of 15.13% and a negative net margin of 31.27%.The company had revenue of $380.44 million during the quarter, compared to analysts’ expectations of $366.98 million. On average, equities analysts forecast that Algoma Steel Group will post -0.63 earnings per share for the current year.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.