Algoma Steel Group Inc. (NASDAQ:ASTL) Given Average Recommendation of “Hold” by Brokerages

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have been given a consensus recommendation of “Hold” by the six brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a strong buy recommendation on the company.

A number of brokerages have issued reports on ASTL. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Monday, December 29th. Jefferies Financial Group assumed coverage on shares of Algoma Steel Group in a research report on Friday, January 2nd. They set a “hold” rating for the company. Finally, Zacks Research upgraded shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th.

Hedge Funds Weigh In On Algoma Steel Group

Institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its stake in Algoma Steel Group by 13.7% in the 3rd quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after acquiring an additional 3,400 shares during the last quarter. Prelude Capital Management LLC purchased a new position in shares of Algoma Steel Group in the third quarter valued at $95,000. Nomura Holdings Inc. purchased a new position in shares of Algoma Steel Group in the third quarter valued at $164,000. Lighthouse Investment Partners LLC bought a new stake in Algoma Steel Group in the third quarter worth $79,000. Finally, Centiva Capital LP purchased a new stake in Algoma Steel Group during the third quarter valued at $255,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Performance

NASDAQ ASTL opened at $4.29 on Tuesday. The company has a quick ratio of 0.76, a current ratio of 2.29 and a debt-to-equity ratio of 0.72. Algoma Steel Group has a twelve month low of $3.02 and a twelve month high of $8.81. The business has a 50-day moving average price of $4.14 and a 200-day moving average price of $4.48. The firm has a market cap of $450.15 million, a price-to-earnings ratio of -0.90 and a beta of 1.56.

Algoma Steel Group (NASDAQ:ASTL) last issued its earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $366.98 million. As a group, equities research analysts predict that Algoma Steel Group will post -0.63 EPS for the current fiscal year.

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.