Algoma Steel Group Inc. $ASTL Shares Purchased by CenterBook Partners LP

CenterBook Partners LP boosted its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 70.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 398,845 shares of the company’s stock after acquiring an additional 164,528 shares during the quarter. CenterBook Partners LP owned 0.38% of Algoma Steel Group worth $1,635,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Littlejohn & Co. LLC lifted its stake in shares of Algoma Steel Group by 27.9% in the 4th quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company’s stock valued at $14,131,000 after purchasing an additional 752,616 shares during the period. TD Asset Management Inc grew its position in Algoma Steel Group by 1,351.7% during the fourth quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock valued at $6,955,000 after buying an additional 1,571,184 shares during the period. Clear Harbor Asset Management LLC purchased a new position in Algoma Steel Group in the fourth quarter valued at $107,000. MMCAP International Inc. SPC increased its holdings in Algoma Steel Group by 42.2% in the fourth quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after buying an additional 3,409,033 shares in the last quarter. Finally, Terril Brothers Inc. raised its position in shares of Algoma Steel Group by 39.8% in the fourth quarter. Terril Brothers Inc. now owns 58,000 shares of the company’s stock worth $238,000 after acquiring an additional 16,500 shares during the period. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Wall Street Analyst Weigh In

ASTL has been the topic of several recent analyst reports. Zacks Research lowered shares of Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Friday, March 27th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

ASTL opened at $4.68 on Wednesday. The firm’s fifty day simple moving average is $4.86 and its two-hundred day simple moving average is $4.48. Algoma Steel Group Inc. has a 52-week low of $3.02 and a 52-week high of $7.24. The company has a market cap of $493.23 million, a price-to-earnings ratio of -0.63 and a beta of 1.60. The company has a quick ratio of 1.22, a current ratio of 2.45 and a debt-to-equity ratio of 2.19.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). The company had revenue of $216.44 million for the quarter, compared to analysts’ expectations of $217.57 million. Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%. Equities analysts anticipate that Algoma Steel Group Inc. will post -2.27 earnings per share for the current fiscal year.

Algoma Steel Group 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.