Algoma Steel Group (NASDAQ:ASTL) Shares Down 0.3% – What’s Next?

Algoma Steel Group Inc. (NASDAQ:ASTL)’s share price fell 0.3% on Wednesday . The stock traded as low as $3.70 and last traded at $3.75. 832,126 shares were traded during mid-day trading, an increase of 14% from the average daily volume of 728,272 shares. The stock had previously closed at $3.76.

Wall Street Analyst Weigh In

A number of research firms have commented on ASTL. Royal Bank Of Canada restated a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Zacks Research raised Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Algoma Steel Group currently has an average rating of “Reduce”.

Algoma Steel Group Price Performance

The firm has a market cap of $396.23 million, a price-to-earnings ratio of -0.50 and a beta of 1.64. The company has a quick ratio of 1.22, a current ratio of 2.45 and a debt-to-equity ratio of 2.19. The company’s 50-day moving average price is $4.74 and its 200-day moving average price is $4.50.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). The business had revenue of $216.44 million during the quarter, compared to analyst estimates of $217.57 million. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. On average, equities research analysts forecast that Algoma Steel Group Inc. will post -2.27 EPS for the current year.

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in shares of Algoma Steel Group in the second quarter worth $32,000. Element Pointe Advisors LLC acquired a new stake in shares of Algoma Steel Group in the fourth quarter valued at $41,000. Federation des caisses Desjardins du Quebec raised its stake in shares of Algoma Steel Group by 101.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after acquiring an additional 9,000 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of Algoma Steel Group in the third quarter valued at $79,000. Finally, FIL Ltd purchased a new position in Algoma Steel Group in the fourth quarter valued at $85,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

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.