Algoma Steel Group (NASDAQ:ASTL) Issues Earnings Results

Algoma Steel Group (NASDAQ:ASTL) announced its quarterly earnings results on Wednesday. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07), Zacks reports. The firm had revenue of $267.50 million during the quarter, compared to the consensus estimate of $205.57 million. Algoma Steel Group had a negative return on equity of 97.15% and a negative net margin of 71.60%.

Algoma Steel Group Trading Down 0.1%

Shares of NASDAQ:ASTL traded down $0.01 during trading on Friday, hitting $3.83. The company had a trading volume of 1,438,090 shares, compared to its average volume of 1,297,121. The stock has a market cap of $405.21 million, a price-to-earnings ratio of -0.52 and a beta of 1.64. The company has a debt-to-equity ratio of 2.19, a current ratio of 2.45 and a quick ratio of 1.22. The company has a fifty day simple moving average of $4.41 and a two-hundred day simple moving average of $4.48. Algoma Steel Group has a one year low of $3.02 and a one year high of $5.90.

Wall Street Analysts Forecast Growth

Several analysts have commented on ASTL shares. Zacks Research upgraded Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce”.

Institutional Trading of Algoma Steel Group

Several institutional investors and hedge funds have recently made changes to their positions in ASTL. Goldman Sachs Group Inc. increased its stake in Algoma Steel Group by 10.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 245,528 shares of the company’s stock worth $1,331,000 after buying an additional 23,659 shares during the period. Legal & General Group Plc increased its holdings in Algoma Steel Group by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after purchasing an additional 8,963 shares during the period. Raymond James Financial Inc. bought a new stake in Algoma Steel Group during the 2nd quarter valued at $32,000. PDT Partners LLC purchased a new stake in shares of Algoma Steel Group in the 2nd quarter worth $304,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Algoma Steel Group in the 2nd quarter worth $1,089,000. 72.00% of the stock is currently owned by institutional investors.

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.