Algoma Steel Group Inc. (NASDAQ:ASTL) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have earned an average rating of “Hold” from the six analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company.

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

Institutional Trading of Algoma Steel Group

Several hedge funds have recently modified their holdings of ASTL. Maple Rock Capital Partners Inc. boosted its holdings in Algoma Steel Group by 38.3% in the fourth quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company’s stock valued at $59,166,000 after purchasing an additional 4,000,000 shares during the period. MMCAP International Inc. SPC raised its position in Algoma Steel Group by 42.2% in the 4th quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after purchasing an additional 3,409,033 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Algoma Steel Group by 1,351.7% in the 4th quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock valued at $6,955,000 after buying an additional 1,571,184 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Algoma Steel Group during the second quarter worth about $10,874,000. Finally, Quadrature Capital Ltd increased its stake in shares of Algoma Steel Group by 14,366.4% during the third quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company’s stock worth $5,439,000 after buying an additional 1,518,530 shares during the period. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Trading Up 1.2%

Shares of NASDAQ ASTL opened at $4.95 on Friday. The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $519.75 million, a PE ratio of -1.04 and a beta of 1.56. Algoma Steel Group has a twelve month low of $3.02 and a twelve month high of $7.82. The stock has a fifty day simple moving average of $4.41 and a 200-day simple moving average of $4.28.

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.