Algoma Steel Group (NASDAQ:ASTL) Releases Earnings Results, Misses Estimates By $0.28 EPS

Algoma Steel Group (NASDAQ:ASTL) announced its earnings results on Tuesday. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28), Zacks reports. Algoma Steel Group had a negative return on equity of 42.31% and a negative net margin of 47.61%.

Algoma Steel Group Price Performance

Shares of ASTL traded down $0.15 during mid-day trading on Tuesday, reaching $4.99. 1,291,196 shares of the stock traded hands, compared to its average volume of 1,413,071. The firm has a fifty day moving average price of $4.41 and a 200 day moving average price of $4.30. The company has a market cap of $524.85 million, a price-to-earnings ratio of -0.74 and a beta of 1.55. The company has a current ratio of 2.18, a quick ratio of 1.03 and a debt-to-equity ratio of 1.36. Algoma Steel Group has a 1 year low of $3.02 and a 1 year high of $7.24.

Analyst Upgrades and Downgrades

ASTL has been the topic of a number of research analyst reports. Zacks Research downgraded Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce”.

Hedge Funds Weigh In On Algoma Steel Group

A number of hedge funds and other institutional investors have recently modified their holdings of ASTL. Hsbc Holdings PLC raised its stake in Algoma Steel Group by 243.7% in the fourth quarter. Hsbc Holdings PLC now owns 38,754 shares of the company’s stock worth $159,000 after buying an additional 27,477 shares in the last quarter. Invesco Ltd. raised its stake in Algoma Steel Group by 27.6% in the fourth quarter. Invesco Ltd. now owns 66,713 shares of the company’s stock worth $274,000 after buying an additional 14,415 shares in the last quarter. Mackenzie Financial Corp raised its stake in Algoma Steel Group by 74.3% in the fourth quarter. Mackenzie Financial Corp now owns 94,776 shares of the company’s stock worth $384,000 after buying an additional 40,413 shares in the last quarter. XTX Topco Ltd raised its stake in Algoma Steel Group by 15.8% in the fourth quarter. XTX Topco Ltd now owns 143,704 shares of the company’s stock worth $589,000 after buying an additional 19,627 shares in the last quarter. Finally, Orion Resource Partners LP raised its stake in Algoma Steel Group by 173.8% in the fourth quarter. Orion Resource Partners LP now owns 381,728 shares of the company’s stock worth $1,571,000 after buying an additional 242,322 shares in the last quarter. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

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.