Algoma Steel Group (TSE:ASTL) Shares Down 10.3% – What’s Next?

Algoma Steel Group Inc. (TSE:ASTL)’s stock price dropped 10.3% during mid-day trading on Monday . The stock traded as low as C$5.60 and last traded at C$5.74. Approximately 687,644 shares traded hands during trading, an increase of 7% from the average daily volume of 642,830 shares. The stock had previously closed at C$6.40.

Analysts Set New Price Targets

ASTL has been the topic of a number of recent research reports. BMO Capital Markets lowered their target price on Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating on the stock in a research note on Friday, July 31st. Royal Bank Of Canada cut their price target on Algoma Steel Group from C$6.00 to C$5.00 and set a “sector perform” rating for the company in a research note on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Algoma Steel Group has a consensus rating of “Hold” and a consensus price target of C$7.12.

Algoma Steel Group Price Performance

The company has a quick ratio of 1.50, a current ratio of 2.49 and a debt-to-equity ratio of 368.00. The company has a market capitalization of C$580.69 million, a P/E ratio of -0.54 and a beta of 1.74. The company’s 50-day simple moving average is C$5.77 and its 200 day simple moving average is C$6.18.

Algoma Steel Group (TSE:ASTL) last released its quarterly earnings results on Wednesday, July 29th. The company reported C($0.88) earnings per share for the quarter. Algoma Steel Group had a negative net margin of 55.02% and a negative return on equity of 180.34%. The business had revenue of C$267.50 million for the quarter. As a group, sell-side analysts expect that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current fiscal year.

Algoma Steel Group Company Profile

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.