Algoma Steel Group Inc. (NASDAQ:ASTL) Given Consensus Rating of “Hold” by Analysts

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have been given an average rating of “Hold” by the six ratings firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company.

ASTL has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a report on Monday, December 29th. Zacks Research raised shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Finally, Jefferies Financial Group assumed coverage on shares of Algoma Steel Group in a research note on Friday, January 2nd. They set a “hold” rating on the stock.

Institutional Trading of Algoma Steel Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its position in Algoma Steel Group by 10.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 245,528 shares of the company’s stock worth $1,331,000 after buying an additional 23,659 shares in the last quarter. Terril Brothers Inc. lifted its position in shares of Algoma Steel Group by 39.4% during the second quarter. Terril Brothers Inc. now owns 49,500 shares of the company’s stock worth $341,000 after purchasing an additional 14,000 shares in the last quarter. MMCAP International Inc. SPC grew its stake in shares of Algoma Steel Group by 8.7% during the second quarter. MMCAP International Inc. SPC now owns 7,218,218 shares of the company’s stock valued at $49,734,000 after purchasing an additional 576,801 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its stake in shares of Algoma Steel Group by 34.0% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 3,898,205 shares of the company’s stock valued at $26,983,000 after purchasing an additional 989,633 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Algoma Steel Group in the second quarter valued at approximately $10,874,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Trading Down 1.3%

Shares of ASTL opened at $4.54 on Friday. The stock has a 50 day simple moving average of $4.42 and a 200-day simple moving average of $4.28. 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 stock has a market cap of $476.70 million, a PE ratio of -0.96 and a beta of 1.56. Algoma Steel Group has a 1 year low of $3.02 and a 1 year high of $7.50.

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.