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

Algoma Steel Group Inc. (NASDAQ:ASTL) has earned an average rating of “Reduce” from the six research firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company.

Several equities research analysts recently commented on ASTL shares. Zacks Research cut Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday, December 29th. Finally, Jefferies Financial Group started coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating for the company.

Algoma Steel Group Stock Down 1.9%

Shares of NASDAQ ASTL opened at $3.57 on Wednesday. The stock has a market cap of $374.85 million, a PE ratio of -0.53 and a beta of 1.54. The company has a current ratio of 2.18, a quick ratio of 1.03 and a debt-to-equity ratio of 1.36. Algoma Steel Group has a 12-month low of $3.02 and a 12-month high of $7.24. The company has a 50-day moving average of $4.42 and a 200 day moving average of $4.21.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Wednesday, March 11th. The company reported ($2.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($2.43). The business had revenue of $331.33 million during the quarter, compared to analysts’ expectations of $474.30 million. Algoma Steel Group had a negative return on equity of 42.31% and a negative net margin of 47.61%. As a group, sell-side analysts predict that Algoma Steel Group will post -0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Algoma Steel Group

A number of hedge funds have recently modified their holdings of ASTL. Raymond James Financial Inc. purchased a new position in Algoma Steel Group during the second quarter worth about $32,000. Element Pointe Advisors LLC acquired a new position in Algoma Steel Group in the 4th quarter valued at about $41,000. Federation des caisses Desjardins du Quebec grew its stake in shares of Algoma Steel Group by 101.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after buying an additional 9,000 shares during the period. FIL Ltd purchased a new stake in shares of Algoma Steel Group in the 4th quarter valued at approximately $85,000. Finally, Olympiad Research LP acquired a new stake in shares of Algoma Steel Group during the 3rd quarter worth approximately $74,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

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.