Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Algoma Steel Group Inc. (NASDAQ:ASTL – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,387,320 shares of the company’s stock, valued at approximately $5,648,000.
Several other large investors also recently modified their holdings of the stock. UBS Group AG boosted its holdings in shares of Algoma Steel Group by 64.7% during the 4th quarter. UBS Group AG now owns 944,764 shares of the company’s stock worth $3,874,000 after buying an additional 371,288 shares during the period. LM Asset Management Inc. acquired a new position in Algoma Steel Group in the 2nd quarter valued at about $4,114,800,000. JB Capital Partners LP bought a new position in Algoma Steel Group in the 2nd quarter valued at about $3,532,722,000. Littlejohn & Co. LLC lifted its position in Algoma Steel Group by 27.9% during the fourth quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company’s stock worth $14,131,000 after acquiring an additional 752,616 shares during the last quarter. Finally, Donald Smith & CO. Inc. acquired a new stake in Algoma Steel Group during the second quarter worth approximately $21,374,000. 72.00% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on ASTL shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a report on Wednesday, June 24th. Zacks Research raised Algoma Steel Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 9th. Wall Street Zen upgraded Algoma Steel Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, 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. According to data from MarketBeat, the stock presently has an average rating of “Reduce”.
Algoma Steel Group Stock Performance
Shares of NASDAQ:ASTL opened at $4.29 on Friday. Algoma Steel Group Inc. has a 12-month low of $3.02 and a 12-month high of $5.90. The company’s 50 day moving average price is $4.09 and its two-hundred day moving average price is $4.46. The firm has a market cap of $453.29 million, a PE ratio of -0.58 and a beta of 1.64. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85.
Algoma Steel Group (NASDAQ:ASTL – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.04). The business had revenue of $267.50 million during the quarter, compared to analyst estimates of $205.57 million. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. Equities research analysts predict that Algoma Steel Group Inc. will post -2.37 earnings per share for the current year.
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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