Algoma Steel Group (NASDAQ:ASTL) Downgraded to Hold Rating by Zacks Research

Zacks Research downgraded shares of Algoma Steel Group (NASDAQ:ASTL) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. Jefferies Financial Group assumed coverage on Algoma Steel Group in a research note on Friday, January 2nd. They set a “hold” rating on the stock. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Algoma Steel Group has an average rating of “Reduce”.

Algoma Steel Group Price Performance

Algoma Steel Group stock opened at $4.30 on Monday. Algoma Steel Group has a 12-month low of $3.02 and a 12-month high of $7.24. The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $4.48 and a 200-day moving average price of $4.27. The firm has a market capitalization of $451.50 million, a PE ratio of -0.91 and a beta of 1.54.

Institutional Investors Weigh In On Algoma Steel Group

Several large investors have recently added to or reduced their stakes in ASTL. Raymond James Financial Inc. bought a new position in Algoma Steel Group in the 2nd quarter worth about $32,000. Element Pointe Advisors LLC bought a new stake in shares of Algoma Steel Group during the fourth quarter valued at approximately $41,000. Federation des caisses Desjardins du Quebec boosted its holdings in shares of Algoma Steel Group by 101.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after purchasing an additional 9,000 shares during the period. Olympiad Research LP bought a new position in Algoma Steel Group in the third quarter worth approximately $74,000. Finally, Lighthouse Investment Partners LLC bought a new position in Algoma Steel Group in the third quarter worth approximately $79,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

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.