Donald Smith & CO. Inc. Takes Position in Algoma Steel Group Inc. $ASTL

Donald Smith & CO. Inc. acquired a new position in Algoma Steel Group Inc. (NASDAQ:ASTL) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 5,277,631 shares of the company’s stock, valued at approximately $21,374,000. Donald Smith & CO. Inc. owned approximately 4.99% of Algoma Steel Group as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of ASTL. Raymond James Financial Inc. acquired a new position in Algoma Steel Group during the second quarter worth about $32,000. Element Pointe Advisors LLC acquired a new stake in Algoma Steel Group in the 4th quarter valued at about $41,000. Federation des caisses Desjardins du Quebec lifted its holdings in 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 acquiring an additional 9,000 shares during the last quarter. FIL Ltd bought a new position in shares of Algoma Steel Group during the 4th quarter valued at about $85,000. Finally, Engineers Gate Manager LP bought a new position in shares of Algoma Steel Group during the 2nd quarter valued at about $146,000. Institutional investors and hedge funds own 72.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ASTL shares. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Wednesday, June 24th. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Finally, Wall Street Zen raised Algoma Steel Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce”.

Algoma Steel Group Trading Up 2.0%

NASDAQ:ASTL opened at $4.65 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85. Algoma Steel Group Inc. has a 1-year low of $3.02 and a 1-year high of $5.90. The firm has a market capitalization of $491.32 million, a price-to-earnings ratio of -0.63 and a beta of 1.64. The stock has a fifty day simple moving average of $4.14 and a 200 day simple moving average of $4.47.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The company had revenue of $267.50 million for the quarter, compared to analyst estimates of $205.57 million. Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%. Sell-side analysts forecast that Algoma Steel Group Inc. will post -2.37 earnings per share for the current year.

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.