MMCAP International Inc. SPC Raises Holdings in Algoma Steel Group Inc. $ASTL

MMCAP International Inc. SPC raised its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL) by 8.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,218,218 shares of the company’s stock after purchasing an additional 576,801 shares during the quarter. Algoma Steel Group accounts for 6.6% of MMCAP International Inc. SPC’s investment portfolio, making the stock its 3rd largest position. MMCAP International Inc. SPC owned approximately 6.88% of Algoma Steel Group worth $49,734,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ASTL. Y Intercept Hong Kong Ltd purchased a new position in shares of Algoma Steel Group in the 1st quarter worth about $514,000. Prescott Group Capital Management L.L.C. bought a new stake in Algoma Steel Group in the first quarter worth about $650,000. Heartland Advisors Inc. raised its position in Algoma Steel Group by 150.0% in the first quarter. Heartland Advisors Inc. now owns 500,000 shares of the company’s stock worth $2,710,000 after acquiring an additional 300,000 shares during the period. TD Asset Management Inc boosted its stake in Algoma Steel Group by 3.3% in the first quarter. TD Asset Management Inc now owns 167,884 shares of the company’s stock valued at $911,000 after acquiring an additional 5,325 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Algoma Steel Group during the 1st quarter valued at approximately $181,000. 72.00% of the stock is currently owned by institutional investors.

Algoma Steel Group Stock Up 5.5%

ASTL opened at $3.86 on Friday. Algoma Steel Group Inc. has a 12 month low of $3.02 and a 12 month high of $12.10. The company has a market cap of $405.05 million, a PE ratio of -0.81 and a beta of 1.56. The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The company has a 50 day moving average of $4.20 and a 200 day moving average of $5.23.

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 analysts’ consensus estimates 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 business had revenue of $380.44 million for the quarter, compared to analysts’ expectations of $366.98 million. On average, sell-side analysts expect that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Analyst Upgrades and Downgrades

ASTL has been the topic of a number of research reports. Wall Street Zen cut shares of Algoma Steel Group from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Algoma Steel Group in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Algoma Steel Group has a consensus rating of “Reduce”.

Algoma Steel Group 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.