TD Asset Management Inc Has $6.96 Million Stock Position in Algoma Steel Group Inc. $ASTL

TD Asset Management Inc lifted its position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 1,351.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,687,420 shares of the company’s stock after buying an additional 1,571,184 shares during the quarter. TD Asset Management Inc’s holdings in Algoma Steel Group were worth $6,955,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. NewEdge Advisors LLC lifted its holdings in shares of Algoma Steel Group by 13.7% during the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after buying an additional 3,400 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Algoma Steel Group during the second quarter worth $32,000. Mackenzie Financial Corp lifted its holdings in shares of Algoma Steel Group by 12.6% during the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock worth $193,000 after buying an additional 6,086 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Algoma Steel Group by 11.3% during the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after buying an additional 8,963 shares in the last quarter. Finally, Terril Brothers Inc. lifted its holdings in shares of Algoma Steel Group by 39.8% during the fourth quarter. Terril Brothers Inc. now owns 58,000 shares of the company’s stock worth $238,000 after buying an additional 16,500 shares in the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Stock Down 5.3%

ASTL stock opened at $4.68 on Wednesday. The company has a market cap of $493.23 million, a PE ratio of -0.63 and a beta of 1.60. The business has a 50-day simple moving average of $4.86 and a 200 day simple moving average of $4.48. Algoma Steel Group Inc. has a 52 week low of $3.02 and a 52 week high of $7.24. The company has a quick ratio of 1.22, a current ratio of 2.45 and a debt-to-equity ratio of 2.19.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). The company had revenue of $216.44 million during the quarter, compared to analyst estimates of $217.57 million. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. Sell-side analysts anticipate that Algoma Steel Group Inc. will post -2.27 EPS for the current fiscal year.

Analyst Ratings Changes

ASTL has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Zacks Research downgraded Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce”.

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.