Algoma Steel Group Inc. (NASDAQ:ASTL) Given Consensus Recommendation of “Hold” by Analysts

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have received a consensus rating of “Hold” from the six analysts that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating on the company.

ASTL has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday, December 29th. Jefferies Financial Group assumed coverage on Algoma Steel Group in a research report on Friday, January 2nd. They set a “hold” rating for the company. Finally, Zacks Research upgraded Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASTL. Raymond James Financial Inc. bought a new stake in shares of Algoma Steel Group in the 2nd quarter worth approximately $32,000. Olympiad Research LP bought a new stake in shares of Algoma Steel Group in the third quarter valued at $74,000. Lighthouse Investment Partners LLC purchased a new position in shares of Algoma Steel Group during the 3rd quarter valued at $79,000. Assenagon Asset Management S.A. bought a new position in shares of Algoma Steel Group during the 3rd quarter worth $81,000. Finally, Prelude Capital Management LLC purchased a new stake in Algoma Steel Group in the 3rd quarter worth about $95,000. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

Algoma Steel Group Price Performance

ASTL opened at $4.45 on Tuesday. Algoma Steel Group has a 1 year low of $3.02 and a 1 year high of $8.68. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.29 and a quick ratio of 0.76. The company has a market capitalization of $466.94 million, a price-to-earnings ratio of -0.94 and a beta of 1.56. The firm’s fifty day moving average price is $4.21 and its two-hundred day moving average price is $4.46.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.66) by $0.78. Algoma Steel Group had a negative net margin of 31.27% and a negative return on equity of 15.13%. The company had revenue of $380.44 million for the quarter, compared to analyst estimates of $366.98 million. As a group, analysts anticipate that Algoma Steel Group will post -0.63 earnings per share for the current fiscal 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.