Citadel Advisors LLC Acquires 589,192 Shares of Algoma Steel Group Inc. $ASTL

Citadel Advisors LLC boosted its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 229.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 845,935 shares of the company’s stock after purchasing an additional 589,192 shares during the quarter. Citadel Advisors LLC’s holdings in Algoma Steel Group were worth $3,426,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in shares of Algoma Steel Group in the 2nd quarter worth $32,000. Element Pointe Advisors LLC purchased a new stake in shares of Algoma Steel Group during the 2nd quarter valued at about $40,000. Corient Private Wealth LP purchased a new stake in shares of Algoma Steel Group during the 2nd quarter valued at about $61,000. Federation des caisses Desjardins du Quebec lifted its holdings 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 acquiring an additional 9,000 shares during the last quarter. Finally, Lighthouse Investment Partners LLC bought a new position in shares of Algoma Steel Group in the 3rd quarter valued at about $79,000. Institutional investors own 72.00% of the company’s stock.

Analyst Upgrades and Downgrades

ASTL has been the topic of several analyst reports. Zacks Research raised Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Finally, Wall Street Zen upgraded Algoma Steel Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce”.

Algoma Steel Group Price Performance

Shares of NASDAQ:ASTL opened at $4.71 on Tuesday. The firm has a market capitalization of $497.66 million, a PE ratio of -0.64 and a beta of 1.64. The business has a 50 day simple moving average of $4.11 and a two-hundred day simple moving average of $4.44. Algoma Steel Group Inc. has a 1 year low of $3.02 and a 1 year high of $5.90. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.49 and a quick ratio of 1.35.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%.The business had revenue of $267.50 million during the quarter, compared to analysts’ expectations of $205.57 million. On average, equities analysts predict that Algoma Steel Group Inc. will post -2.37 EPS for the current year.

Algoma Steel Group 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.