Amitell Capital Pte Ltd Has $3.07 Million Stock Position in Algoma Steel Group Inc. $ASTL

Amitell Capital Pte Ltd lowered its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL) by 19.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 864,585 shares of the company’s stock after selling 215,457 shares during the quarter. Algoma Steel Group accounts for about 1.9% of Amitell Capital Pte Ltd’s investment portfolio, making the stock its 20th largest position. Amitell Capital Pte Ltd owned about 0.82% of Algoma Steel Group worth $3,074,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ASTL. Raymond James Financial Inc. acquired a new position in Algoma Steel Group during the second quarter worth $32,000. Olympiad Research LP bought a new stake in shares of Algoma Steel Group in the third quarter worth about $74,000. Assenagon Asset Management S.A. bought a new stake in Algoma Steel Group in the 3rd quarter valued at $81,000. Engineers Gate Manager LP acquired a new position in Algoma Steel Group during the 2nd quarter worth approximately $146,000. Finally, Campbell & CO Investment Adviser LLC increased its position in shares of Algoma Steel Group by 21.6% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 24,435 shares of the company’s stock worth $168,000 after purchasing an additional 4,346 shares during the last quarter. Institutional investors own 72.00% of the company’s stock.

Analyst Upgrades and Downgrades

ASTL has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Monday, December 29th. Zacks Research raised Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Finally, Jefferies Financial Group began coverage on shares of Algoma Steel Group in a report on Friday, January 2nd. They set a “hold” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold”.

Algoma Steel Group Stock Down 1.3%

Shares of Algoma Steel Group stock opened at $4.54 on Thursday. The firm has a market cap of $476.70 million, a price-to-earnings ratio of -0.96 and a beta of 1.56. Algoma Steel Group Inc. has a one year low of $3.02 and a one year high of $7.50. The stock’s 50-day moving average is $4.42 and its 200 day moving average is $4.28. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.29 and a quick ratio of 0.76.

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.