Readystate Asset Management LP Cuts Position in Algoma Steel Group Inc. $ASTL

Readystate Asset Management LP decreased its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 27.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 463,228 shares of the company’s stock after selling 177,096 shares during the quarter. Readystate Asset Management LP owned 0.44% of Algoma Steel Group worth $1,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Renaissance Technologies LLC bought a new stake in Algoma Steel Group in the first quarter worth $484,000. Hsbc Holdings PLC lifted its position in Algoma Steel Group by 40.3% during the first quarter. Hsbc Holdings PLC now owns 54,379 shares of the company’s stock valued at $222,000 after purchasing an additional 15,625 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Algoma Steel Group during the first quarter valued at $409,000. Invesco Ltd. grew its stake in shares of Algoma Steel Group by 27.6% in the 4th quarter. Invesco Ltd. now owns 66,713 shares of the company’s stock worth $274,000 after buying an additional 14,415 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Algoma Steel Group by 74.3% in the 4th quarter. Mackenzie Financial Corp now owns 94,776 shares of the company’s stock worth $384,000 after buying an additional 40,413 shares in the last quarter. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Price Performance

NASDAQ ASTL opened at $4.39 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 2.45 and a debt-to-equity ratio of 2.19. Algoma Steel Group Inc. has a 52 week low of $3.02 and a 52 week high of $6.18. The firm has a market capitalization of $463.85 million, a price-to-earnings ratio of -0.59 and a beta of 1.64. The company has a fifty day moving average of $4.44 and a two-hundred day moving average of $4.48.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Tuesday, May 12th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.28). The firm had revenue of $216.44 million during the quarter, compared to the consensus estimate of $217.57 million. Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%. On average, analysts predict that Algoma Steel Group Inc. will post -2.19 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on ASTL. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Algoma Steel Group currently has an average rating of “Reduce”.

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.