Algoma Steel Group (TSE:ASTL) Shares Up 2.3% – Still a Buy?

Algoma Steel Group Inc. (TSE:ASTL)’s stock price was up 2.3% on Thursday . The company traded as high as C$5.85 and last traded at C$5.78. Approximately 487,628 shares traded hands during trading, an increase of 3% from the average daily volume of 471,768 shares. The stock had previously closed at C$5.65.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Algoma Steel Group from C$10.75 to C$11.50 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada decreased their price target on Algoma Steel Group from C$8.00 to C$6.00 and set a “sector perform” rating for the company in a report on Thursday, October 2nd. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Algoma Steel Group currently has a consensus rating of “Hold” and an average target price of C$8.50.

Algoma Steel Group Stock Down 1.0%

The stock has a market cap of C$600.22 million, a price-to-earnings ratio of -3.94 and a beta of 1.64. The stock has a 50 day simple moving average of C$5.43 and a 200 day simple moving average of C$6.89. The company has a quick ratio of 1.51, a current ratio of 3.31 and a debt-to-equity ratio of 43.70.

Algoma Steel Group (TSE:ASTL) last issued its earnings results on Wednesday, October 29th. The company reported C($4.46) earnings per share (EPS) for the quarter. Algoma Steel Group had a negative return on equity of 10.66% and a negative net margin of 6.33%.The firm had revenue of C$523.90 million during the quarter. As a group, analysts expect that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current fiscal year.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales.