UBS Group AG Boosts Stake in Algoma Steel Group Inc. $ASTL

UBS Group AG raised its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL) by 64.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 944,764 shares of the company’s stock after purchasing an additional 371,288 shares during the quarter. UBS Group AG owned 0.90% of Algoma Steel Group worth $3,874,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of Algoma Steel Group in the second quarter valued at $32,000. Lighthouse Investment Partners LLC acquired a new stake in shares of Algoma Steel Group in the third quarter valued at $79,000. Prelude Capital Management LLC acquired a new stake in shares of Algoma Steel Group in the third quarter valued at $95,000. NewEdge Advisors LLC grew its stake 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 valued at $101,000 after buying an additional 3,400 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of Algoma Steel Group in the second quarter valued at $146,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ASTL shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Zacks Research cut Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Algoma Steel Group presently has a consensus rating of “Reduce”.

Algoma Steel Group Stock Performance

ASTL opened at $4.73 on Friday. Algoma Steel Group Inc. has a 12 month low of $3.02 and a 12 month high of $7.24. The stock has a market capitalization of $497.50 million, a price-to-earnings ratio of -0.63 and a beta of 1.55. The company has a debt-to-equity ratio of 2.19, a current ratio of 2.45 and a quick ratio of 1.22. The business has a fifty day moving average price of $4.50 and a 200 day moving average price of $4.35.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.28). Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%.The company had revenue of $216.44 million for the quarter, compared to analyst estimates of $217.57 million. Sell-side analysts expect that Algoma Steel Group Inc. will post -2.27 earnings per share for the current fiscal year.

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.