1,518,714 Shares in Algoma Steel Group Inc. $ASTL Bought by Littlejohn & Co. LLC

Littlejohn & Co. LLC acquired a new stake in Algoma Steel Group Inc. (NASDAQ:ASTL) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,518,714 shares of the company’s stock, valued at approximately $6,150,792,000. Algoma Steel Group accounts for 7.8% of Littlejohn & Co. LLC’s investment portfolio, making the stock its 5th largest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ASTL. Goldman Sachs Group Inc. increased its stake in shares of Algoma Steel Group by 10.7% in the first quarter. Goldman Sachs Group Inc. now owns 245,528 shares of the company’s stock valued at $1,331,000 after buying an additional 23,659 shares during the period. Legal & General Group Plc lifted its stake in shares of Algoma Steel Group by 11.3% in the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after acquiring an additional 8,963 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Algoma Steel Group in the second quarter worth approximately $32,000. PDT Partners LLC bought a new stake in Algoma Steel Group in the second quarter valued at approximately $304,000. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Algoma Steel Group in the second quarter valued at approximately $1,089,000. 72.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Algoma Steel Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. 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. 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 equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Algoma Steel Group has a consensus rating of “Reduce”.

Algoma Steel Group Price Performance

Shares of ASTL opened at $4.29 on Friday. Algoma Steel Group Inc. has a 52-week low of $3.02 and a 52-week high of $5.90. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.35 and a current ratio of 2.49. The business’s 50 day moving average price is $4.09 and its two-hundred day moving average price is $4.46. The firm has a market cap of $453.29 million, a PE ratio of -0.58 and a beta of 1.64.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.04). The business had revenue of $267.50 million for the quarter, compared to the consensus estimate of $205.57 million. Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%. On average, equities analysts anticipate that Algoma Steel Group Inc. will post -2.37 EPS for the current 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.