Algoma Steel Group (TSE:ASTL) Trading Up 2.3% – Time to Buy?

Shares of Algoma Steel Group Inc. (TSE:ASTL) shot up 2.3% during mid-day trading on Thursday . The stock traded as high as C$5.85 and last traded at C$5.78. 487,628 shares traded hands during trading, an increase of 3% from the average session volume of 471,768 shares. The stock had previously closed at C$5.65.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Algoma Steel Group from C$10.75 to C$11.50 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Royal Bank Of Canada lowered their target price on Algoma Steel Group from C$8.00 to C$6.00 and set a “sector perform” rating for the company in a research report on Thursday, October 2nd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of C$8.50.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 43.70, a quick ratio of 1.51 and a current ratio of 3.31. The stock’s 50 day moving average price is C$5.42 and its 200 day moving average price is C$6.91. The company has a market capitalization of C$606.52 million, a P/E ratio of -3.99 and a beta of 1.55.

Algoma Steel Group (TSE:ASTL) last announced its earnings results on Wednesday, October 29th. The company reported C($4.46) earnings per share for the quarter. The firm had revenue of C$523.90 million for the quarter. Algoma Steel Group had a negative return on equity of 10.66% and a negative net margin of 6.33%. As a group, equities analysts expect that Algoma Steel Group Inc. will post 1.4795699 EPS for the current year.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales.