Algoma Steel Group (NASDAQ:ASTL) Rating Lowered to “Strong Sell” at Wall Street Zen

Algoma Steel Group (NASDAQ:ASTL) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other analysts also recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, September 21st. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 9th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Algoma Steel Group has a consensus rating of “Reduce”.

Algoma Steel Group Price Performance

Shares of Algoma Steel Group stock opened at $4.26 on Friday. The business’s fifty day moving average price is $4.27 and its two-hundred day moving average price is $4.40. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.49 and a quick ratio of 1.35. The company has a market capitalization of $450.11 million, a P/E ratio of -0.58 and a beta of 1.64. Algoma Steel Group has a 1-year low of $3.02 and a 1-year high of $5.90.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.04). The business 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%. As a group, research analysts forecast that Algoma Steel Group will post -2.37 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ASTL. Donald Smith & CO. Inc. acquired a new stake in Algoma Steel Group in the 2nd quarter valued at about $21,374,000. BlackRock Inc. bought a new position in shares of Algoma Steel Group during the 2nd quarter valued at about $16,780,000. TD Asset Management Inc grew its stake in shares of Algoma Steel Group by 1,351.7% in the 4th quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock worth $6,955,000 after purchasing an additional 1,571,184 shares during the last quarter. Littlejohn & Co. LLC acquired a new position in shares of Algoma Steel Group in the 2nd quarter worth approximately $6,150,792. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Algoma Steel Group in the 2nd quarter worth approximately $5,648,000. Institutional investors own 72.00% of the company’s stock.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian steel producer headquartered in Sault Ste. Marie, Ontario. Through its operating subsidiary, Algoma Steel Inc, the company manufactures steel products for customers in the automotive, construction, manufacturing, energy and transportation industries.

Algoma’s product portfolio includes hot- and cold-rolled steel sheet, galvanized steel, plate and other specialized steel products. Its products are used in applications such as vehicle components, heavy equipment, industrial machinery, structural construction and infrastructure projects.

The company traces its history to the establishment of Algoma Steel in Sault Ste.