Algoma Steel Group (NASDAQ:ASTL) Releases Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Algoma Steel Group (NASDAQ:ASTL) issued its quarterly earnings results on Wednesday. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.13), Zacks reports. Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%.The business had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $205.57 million.

Algoma Steel Group Price Performance

NASDAQ:ASTL traded down $0.43 on Thursday, reaching $3.84. 1,761,556 shares of the company’s stock traded hands, compared to its average volume of 1,296,413. The company has a quick ratio of 1.22, a current ratio of 2.45 and a debt-to-equity ratio of 2.19. The stock has a 50-day simple moving average of $4.43 and a 200-day simple moving average of $4.48. The firm has a market cap of $405.73 million, a PE ratio of -0.52 and a beta of 1.64. Algoma Steel Group has a 12 month low of $3.02 and a 12 month high of $5.90.

Institutional Trading of Algoma Steel Group

Several institutional investors have recently made changes to their positions in ASTL. Raymond James Financial Inc. bought a new stake in Algoma Steel Group during the 2nd quarter valued at approximately $32,000. Element Pointe Advisors LLC bought a new position in Algoma Steel Group in the 4th quarter worth approximately $41,000. Federation des caisses Desjardins du Quebec raised its position in shares of Algoma Steel Group by 101.6% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after buying an additional 9,000 shares during the last quarter. FIL Ltd purchased a new position in shares of Algoma Steel Group in the fourth quarter worth $85,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Algoma Steel Group in the second quarter worth $146,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ASTL. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. Finally, Zacks Research raised shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 9th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Algoma Steel Group presently has an average rating of “Reduce”.

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.