Algoma Steel Group Inc. $ASTL Shares Sold by Donald Smith & CO. Inc.

Donald Smith & CO. Inc. cut its position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 25.3% during the second quarter, Holdings Channel.com reports. The firm owned 6,040,168 shares of the company’s stock after selling 2,047,952 shares during the quarter. Donald Smith & CO. Inc. owned approximately 0.06% of Algoma Steel Group worth $41,617,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. MMCAP International Inc. SPC grew its position in Algoma Steel Group by 8.7% in the second quarter. MMCAP International Inc. SPC now owns 7,218,218 shares of the company’s stock worth $49,734,000 after acquiring an additional 576,801 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. grew its holdings in shares of Algoma Steel Group by 34.0% during the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 3,898,205 shares of the company’s stock worth $26,983,000 after purchasing an additional 989,633 shares during the period. Aegis Financial Corp increased its position in shares of Algoma Steel Group by 22.3% during the 2nd quarter. Aegis Financial Corp now owns 1,786,122 shares of the company’s stock worth $12,306,000 after purchasing an additional 326,219 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Algoma Steel Group in the 2nd quarter valued at about $10,874,000. Finally, Solas Capital Management LLC lifted its position in Algoma Steel Group by 37.7% in the first quarter. Solas Capital Management LLC now owns 1,460,646 shares of the company’s stock valued at $7,917,000 after buying an additional 400,000 shares during the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Stock Performance

Shares of Algoma Steel Group stock opened at $4.15 on Friday. The company has a fifty day simple moving average of $3.88 and a 200-day simple moving average of $4.98. The stock has a market cap of $435.46 million, a price-to-earnings ratio of -0.87 and a beta of 1.56. Algoma Steel Group Inc. has a 12-month low of $3.02 and a 12-month high of $10.72. The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.66) by $0.78. Algoma Steel Group had a negative net margin of 31.27% and a negative return on equity of 15.13%. The firm had revenue of $380.44 million during the quarter, compared to the consensus estimate of $366.98 million. On average, equities analysts forecast that Algoma Steel Group Inc. will post -0.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 1st. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce”.

Algoma Steel Group Company Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.