Algoma Steel Group Inc. (NASDAQ:ASTL – Get Free Report)’s share price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $4.99, but opened at $4.67. Algoma Steel Group shares last traded at $5.0290, with a volume of 477,692 shares traded.
The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). Algoma Steel Group had a negative net margin of 47.61% and a negative return on equity of 42.31%. The company had revenue of $216.44 million during the quarter, compared to analyst estimates of $217.57 million.
Analysts Set New Price Targets
Several equities analysts recently issued reports on the stock. Zacks Research cut shares of Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Algoma Steel Group currently has an average rating of “Reduce”.
Hedge Funds Weigh In On Algoma Steel Group
A number of large investors have recently added to or reduced their stakes in ASTL. Raymond James Financial Inc. acquired a new stake in shares of Algoma Steel Group in the second quarter valued at about $32,000. Element Pointe Advisors LLC acquired a new position in shares of Algoma Steel Group during the 4th quarter worth about $41,000. Federation des caisses Desjardins du Quebec lifted its stake in Algoma Steel Group by 101.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after buying an additional 9,000 shares in the last quarter. Olympiad Research LP purchased a new position in Algoma Steel Group in the 3rd quarter valued at about $74,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in Algoma Steel Group in the 3rd quarter worth about $79,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.
Algoma Steel Group Trading Up 1.0%
The company has a fifty day moving average of $4.42 and a 200-day moving average of $4.31. The company has a current ratio of 2.18, a quick ratio of 1.03 and a debt-to-equity ratio of 1.36. The company has a market capitalization of $530.34 million, a price-to-earnings ratio of -0.76 and a beta of 1.55.
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.
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