Scheer Rowlett & Associates Investment Management Ltd. Purchases 989,633 Shares of Algoma Steel Group Inc. $ASTL

Scheer Rowlett & Associates Investment Management Ltd. raised its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 34.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,898,205 shares of the company’s stock after buying an additional 989,633 shares during the period. Algoma Steel Group accounts for about 1.7% of Scheer Rowlett & Associates Investment Management Ltd.’s investment portfolio, making the stock its 22nd biggest position. Scheer Rowlett & Associates Investment Management Ltd. owned 3.72% of Algoma Steel Group worth $26,983,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ASTL. EJF Capital LLC bought a new position in shares of Algoma Steel Group in the first quarter valued at approximately $60,000. Aigen Investment Management LP bought a new stake in Algoma Steel Group during the 1st quarter worth approximately $69,000. XTX Topco Ltd acquired a new stake in Algoma Steel Group during the 1st quarter valued at $181,000. Terril Brothers Inc. raised its position in Algoma Steel Group by 62.1% in the 1st quarter. Terril Brothers Inc. now owns 35,500 shares of the company’s stock valued at $192,000 after purchasing an additional 13,600 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in Algoma Steel Group in the 1st quarter valued at $233,000. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Trading Up 5.5%

ASTL stock opened at $3.86 on Friday. 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 Inc. has a twelve month low of $3.02 and a twelve month high of $12.10. The company has a market cap of $405.03 million, a P/E ratio of -0.81 and a beta of 1.56. The business has a fifty day moving average of $4.20 and a 200-day moving average of $5.23.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wall Street Zen cut Algoma Steel Group from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Weiss Ratings reiterated 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. According to data from MarketBeat.com, the company currently has an average rating of “Reduce”.

Algoma Steel Group Company 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.