Algoma Steel Group (NASDAQ:ASTL – Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
Other equities analysts also recently issued research reports about the company. Zacks Research raised Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce”.
Read Our Latest Research Report on ASTL
Algoma Steel Group Stock Performance
Algoma Steel Group (NASDAQ:ASTL – Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.04). Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%.The firm had revenue of $267.50 million for the quarter, compared to the consensus estimate of $205.57 million. Equities analysts predict that Algoma Steel Group will post -2.19 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of ASTL. Goldman Sachs Group Inc. increased its position in shares of Algoma Steel Group by 10.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 245,528 shares of the company’s stock worth $1,331,000 after purchasing an additional 23,659 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Algoma Steel Group by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after purchasing an additional 8,963 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Algoma Steel Group in the 2nd quarter valued at approximately $32,000. PDT Partners LLC acquired a new stake in shares of Algoma Steel Group in the 2nd quarter valued at approximately $304,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Algoma Steel Group in the second quarter valued at $1,089,000. 72.00% of the stock is currently owned by institutional investors.
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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