Algoma Steel Group Inc. (NASDAQ:ASTL) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have been assigned a consensus rating of “Reduce” from the five brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company.

Several equities analysts have recently issued reports on the company. Zacks Research lowered Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Finally, Jefferies Financial Group assumed coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating for the company.

Hedge Funds Weigh In On Algoma Steel Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Algoma Steel Group during the second quarter valued at $32,000. Element Pointe Advisors LLC bought a new position in Algoma Steel Group during the fourth quarter valued at $41,000. Federation des caisses Desjardins du Quebec grew its holdings in Algoma Steel Group by 101.6% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after purchasing an additional 9,000 shares during the period. FIL Ltd bought a new position in Algoma Steel Group during the fourth quarter valued at $85,000. Finally, Olympiad Research LP bought a new position in Algoma Steel Group during the third quarter valued at $74,000. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Stock Performance

ASTL stock opened at $4.74 on Friday. The firm has a market cap of $497.69 million, a PE ratio of -0.71 and a beta of 1.54. The company has a quick ratio of 1.03, a current ratio of 2.18 and a debt-to-equity ratio of 1.36. The business has a 50 day moving average of $4.40 and a 200-day moving average of $4.20. Algoma Steel Group has a 12-month low of $3.02 and a 12-month high of $7.24.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Wednesday, March 11th. The company reported ($2.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($2.43). The business had revenue of $331.33 million during the quarter, compared to the consensus estimate of $474.30 million. Algoma Steel Group had a negative net margin of 47.61% and a negative return on equity of 42.31%. As a group, sell-side analysts expect that Algoma Steel Group will post -0.63 earnings per share for the current 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.