Algoma Steel Group Inc. (NASDAQ:ASTL) Receives Average Recommendation of “Reduce” from Brokerages

Algoma Steel Group Inc. (NASDAQ:ASTL) has received an average recommendation of “Reduce” from the six research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and five have given a hold recommendation to the company.

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Monday, December 29th. Zacks Research lowered Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Finally, Jefferies Financial Group initiated coverage on Algoma Steel Group in a research note on Friday, January 2nd. They set a “hold” rating for the company.

Algoma Steel Group Stock Up 6.9%

Shares of ASTL opened at $4.03 on Wednesday. The firm has a market capitalization of $423.15 million, a price-to-earnings ratio of -0.60 and a beta of 1.54. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.03 and a current ratio of 2.18. The business’s fifty day moving average price is $4.40 and its two-hundred day moving average price is $4.19. Algoma Steel Group has a 52 week low of $3.02 and a 52 week high of $7.24.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Wednesday, March 11th. The company reported ($2.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($2.43). The firm had revenue of $331.33 million for the quarter, compared to the consensus estimate of $474.30 million. Algoma Steel Group had a negative return on equity of 42.31% and a negative net margin of 47.61%. On average, analysts predict that Algoma Steel Group will post -0.63 earnings per share for the current year.

Hedge Funds Weigh In On Algoma Steel Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. LPL Financial LLC boosted its stake in Algoma Steel Group by 5.6% in the 4th quarter. LPL Financial LLC now owns 62,194 shares of the company’s stock worth $255,000 after purchasing an additional 3,300 shares during the period. NewEdge Advisors LLC raised its stake in shares of Algoma Steel Group by 13.7% in the 3rd quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock valued at $101,000 after purchasing an additional 3,400 shares during the period. Campbell & CO Investment Adviser LLC raised its stake in shares of Algoma Steel Group by 21.6% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 24,435 shares of the company’s stock valued at $168,000 after purchasing an additional 4,346 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Algoma Steel Group in the second quarter valued at about $32,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Algoma Steel Group by 12.6% in the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock valued at $193,000 after purchasing an additional 6,086 shares in the last quarter. 72.00% of the stock is owned by institutional investors.

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.