Wall Street Zen Upgrades Algoma Steel Group (NASDAQ:ASTL) to “Hold”

Algoma Steel Group (NASDAQ:ASTL) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently commented on ASTL. Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a research note on Monday, September 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, September 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

NASDAQ:ASTL opened at $4.77 on Friday. The company has a debt-to-equity ratio of 4.67, a quick ratio of 1.26 and a current ratio of 2.53. The stock has a 50-day simple moving average of $4.35 and a 200-day simple moving average of $4.43. Algoma Steel Group has a 1 year low of $3.16 and a 1 year high of $5.90. The stock has a market cap of $504.00 million, a P/E ratio of -0.96 and a beta of 1.63.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Wednesday, October 28th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.35). Algoma Steel Group had a negative return on equity of 211.54% and a negative net margin of 59.04%. The firm had revenue of $175.15 million during the quarter, compared to analysts’ expectations of $161.15 million. As a group, analysts anticipate that Algoma Steel Group will post -2.37 earnings per share for the current fiscal year.

Institutional Trading of Algoma Steel Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Element Pointe Advisors LLC acquired a new stake in shares of Algoma Steel Group during the 2nd quarter worth about $40,000. Corient Private Wealth LP bought a new position in Algoma Steel Group during the 2nd quarter worth about $61,000. Hsbc Holdings PLC lifted its holdings in Algoma Steel Group by 40.3% in the 1st 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 in the last quarter. Cibc World Market Inc. purchased a new position in shares of Algoma Steel Group during the second quarter worth about $102,000. Finally, Net Worth Advisory Group acquired a new stake in shares of Algoma Steel Group in the third quarter worth approximately $205,000. Institutional investors and hedge funds own 72.00% of the company’s stock.

About Algoma Steel Group

Algoma Steel Group Inc is an integrated steel producer headquartered in Sault Ste. Marie, Ontario, Canada. Through its steelmaking and finishing operations, the company produces a range of steel products for customers primarily in Canada and the United States.

Algoma’s product portfolio includes hot- and cold-rolled steel sheet, galvanized steel and steel plate. Its products are used in sectors such as automotive manufacturing, construction, energy, transportation, industrial equipment and general manufacturing.