Algoma Steel Group (NASDAQ:ASTL – Get Free Report) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.
A number of other equities research analysts have also issued reports on ASTL. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Algoma Steel Group currently has an average rating of “Reduce”.
Algoma Steel Group Trading Down 2.6%
Algoma Steel Group (NASDAQ:ASTL – Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. 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 60.03% and a negative return on equity of 75.76%. The company had revenue of $216.44 million for the quarter, compared to analysts’ expectations of $217.57 million. On average, equities analysts expect that Algoma Steel Group will post -2.27 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of ASTL. Maple Rock Capital Partners Inc. boosted its stake in shares of Algoma Steel Group by 38.3% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company’s stock valued at $59,166,000 after purchasing an additional 4,000,000 shares during the period. MMCAP International Inc. SPC boosted its stake in shares of Algoma Steel Group by 42.2% during the fourth quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after purchasing an additional 3,409,033 shares during the period. TD Asset Management Inc lifted its stake in Algoma Steel Group by 1,351.7% in the fourth quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock worth $6,955,000 after acquiring an additional 1,571,184 shares during the period. Quadrature Capital Ltd lifted its stake in Algoma Steel Group by 14,366.4% in the third quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company’s stock worth $5,439,000 after acquiring an additional 1,518,530 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in Algoma Steel Group in the fourth quarter worth about $5,120,000. Institutional investors own 72.00% of the company’s stock.
Algoma Steel Group Company Profile
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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