Algoma Steel Group Inc. (NASDAQ:ASTL) Given Consensus Recommendation of “Hold” by Analysts

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have received a consensus rating of “Hold” from the six analysts that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the company.

A number of analysts have commented on ASTL shares. Zacks Research raised shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. Finally, Jefferies Financial Group began coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating on the stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ASTL. NewEdge Advisors LLC raised its stake in Algoma Steel Group by 13.7% during the 3rd quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after acquiring an additional 3,400 shares during the period. Prelude Capital Management LLC bought a new stake in shares of Algoma Steel Group during the 3rd quarter valued at $95,000. Nomura Holdings Inc. bought a new stake in shares of Algoma Steel Group during the 3rd quarter valued at $164,000. Lighthouse Investment Partners LLC purchased a new position in shares of Algoma Steel Group during the 3rd quarter valued at $79,000. Finally, Centiva Capital LP bought a new position in Algoma Steel Group in the 3rd quarter worth $255,000. 72.00% of the stock is currently owned by institutional investors.

Algoma Steel Group Trading Down 5.5%

Shares of NASDAQ:ASTL opened at $4.29 on Tuesday. The stock’s 50-day simple moving average is $4.14 and its two-hundred day simple moving average is $4.48. The stock has a market capitalization of $450.15 million, a price-to-earnings ratio of -0.90 and a beta of 1.56. Algoma Steel Group has a 52-week low of $3.02 and a 52-week high of $8.81. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 2.29.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.66) by $0.78. The firm had revenue of $380.44 million during the quarter, compared to analyst estimates of $366.98 million. Algoma Steel Group had a negative net margin of 31.27% and a negative return on equity of 15.13%. Analysts expect that Algoma Steel Group will post -0.63 EPS for the current year.

About Algoma Steel Group

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.