Algoma Steel Group (NASDAQ:ASTL) Stock Rating Lowered by Zacks Research

Algoma Steel Group (NASDAQ:ASTL) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group initiated coverage on shares of Algoma Steel Group in a research report on Friday, January 2nd. They issued a “hold” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

Shares of NASDAQ ASTL opened at $4.30 on Monday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.29 and a quick ratio of 0.76. The stock’s fifty day moving average price is $4.48 and its two-hundred day moving average price is $4.27. Algoma Steel Group has a one year low of $3.02 and a one year high of $7.24. The firm has a market cap of $451.50 million, a price-to-earnings ratio of -0.91 and a beta of 1.54.

Institutional Investors Weigh In On Algoma Steel Group

A number of large investors have recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in shares of Algoma Steel Group during the 2nd quarter worth $32,000. Element Pointe Advisors LLC bought a new position in Algoma Steel Group in the fourth quarter valued at about $41,000. Federation des caisses Desjardins du Quebec grew its position in Algoma Steel Group by 101.6% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after acquiring an additional 9,000 shares during the last quarter. FIL Ltd acquired a new position in Algoma Steel Group during the fourth quarter worth about $85,000. Finally, Olympiad Research LP acquired a new position in Algoma Steel Group during the third quarter worth about $74,000. Institutional investors and hedge funds own 72.00% of the company’s stock.

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.