JB Capital Partners LP bought a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 872,277 shares of the company’s stock, valued at approximately $3,532,722,000. Algoma Steel Group accounts for about 0.5% of JB Capital Partners LP’s portfolio, making the stock its 26th biggest holding.
Other large investors have also recently made changes to their positions in the company. LPL Financial LLC raised its stake in shares of Algoma Steel Group by 5.6% during the 4th 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 period. 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 worth $101,000 after buying an additional 3,400 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Algoma Steel Group in the second quarter valued at approximately $32,000. Mackenzie Financial Corp boosted 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 acquiring an additional 6,086 shares during the period. Finally, Legal & General Group Plc increased its holdings in 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 acquiring an additional 8,963 shares during the period. 72.00% of the stock is owned by institutional investors.
Algoma Steel Group Price Performance
ASTL opened at $4.65 on Friday. The stock has a market capitalization of $491.32 million, a P/E ratio of -0.63 and a beta of 1.64. The company has a current ratio of 2.49, a quick ratio of 1.35 and a debt-to-equity ratio of 2.85. Algoma Steel Group Inc. has a 12-month low of $3.02 and a 12-month high of $5.90. The stock has a 50-day moving average price of $4.14 and a 200-day moving average price of $4.47.
Analyst Upgrades and Downgrades
Several research analysts have commented on ASTL shares. Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Wall Street Zen raised Algoma Steel Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Algoma Steel Group currently has a consensus rating of “Reduce”.
Check Out Our Latest Research Report on ASTL
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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