Algoma Steel Group Inc. $ASTL Shares Sold by General American Investors Co. Inc.

General American Investors Co. Inc. cut its stake in Algoma Steel Group Inc. (NASDAQ:ASTL) by 65.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 280,136 shares of the company’s stock after selling 535,920 shares during the quarter. General American Investors Co. Inc.’s holdings in Algoma Steel Group were worth $996,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ASTL. Campbell & CO Investment Adviser LLC boosted its position in shares of Algoma Steel Group by 21.6% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 24,435 shares of the company’s stock valued at $168,000 after acquiring an additional 4,346 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Algoma Steel Group during the second quarter worth about $32,000. Legal & General Group Plc boosted its holdings in Algoma Steel Group by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock valued at $611,000 after purchasing an additional 8,963 shares during the last quarter. Terril Brothers Inc. grew its stake in shares of Algoma Steel Group by 39.4% in the 2nd quarter. Terril Brothers Inc. now owns 49,500 shares of the company’s stock valued at $341,000 after buying an additional 14,000 shares during the period. Finally, Olympiad Research LP acquired a new stake in shares of Algoma Steel Group during the 3rd quarter worth approximately $74,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Down 5.5%

Algoma Steel Group stock opened at $4.29 on Tuesday. The company has a market capitalization of $450.15 million, a PE ratio of -0.90 and a beta of 1.56. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 2.29. Algoma Steel Group Inc. has a fifty-two week low of $3.02 and a fifty-two week high of $8.81. The firm has a 50 day moving average price of $4.14 and a 200 day moving average price of $4.48.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.66) by $0.78. Algoma Steel Group had a negative return on equity of 15.13% and a negative net margin of 31.27%.The company had revenue of $380.44 million for the quarter, compared to analysts’ expectations of $366.98 million. Research analysts expect that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Zacks Research upgraded Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. Finally, Jefferies Financial Group initiated coverage on Algoma Steel Group in a research note on Friday, January 2nd. They issued a “hold” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Algoma Steel Group Company 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.