Algoma Steel Group Inc. (NASDAQ:ASTL – Get Free Report) shares were up 16% during mid-day trading on Wednesday . The stock traded as high as $4.71 and last traded at $4.7450. Approximately 2,060,259 shares traded hands during mid-day trading, an increase of 59% from the average session volume of 1,292,693 shares. The stock had previously closed at $4.09.
Analysts Set New Price Targets
ASTL has been the topic of several analyst reports. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Zacks Research raised shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Wall Street Zen upgraded shares of Algoma Steel Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce”.
Check Out Our Latest Research Report on Algoma Steel Group
Algoma Steel Group Trading Up 18.0%
Algoma Steel Group (NASDAQ:ASTL – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The firm had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $205.57 million. Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%. As a group, equities research analysts anticipate that Algoma Steel Group Inc. will post -2.37 earnings per share for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC grew its holdings in Algoma Steel Group by 5.6% in the fourth quarter. LPL Financial LLC now owns 62,194 shares of the company’s stock valued at $255,000 after purchasing an additional 3,300 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Algoma Steel Group by 13.7% in the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock valued at $101,000 after purchasing an additional 3,400 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Algoma Steel Group in the second quarter valued at about $32,000. Mackenzie Financial Corp grew its position in shares of Algoma Steel Group by 12.6% in the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock valued at $193,000 after purchasing an additional 6,086 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Algoma Steel Group by 11.3% in the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock valued at $611,000 after purchasing an additional 8,963 shares during the last quarter. 72.00% of the stock is owned by hedge funds and other institutional investors.
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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