Algoma Steel Group (NASDAQ:ASTL) Stock Rating Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Algoma Steel Group (NASDAQ:ASTL) from a sell rating to a strong sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

ASTL has been the topic of a number of other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, September 21st. Zacks Research raised shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce”.

Algoma Steel Group Stock Performance

Shares of Algoma Steel Group stock opened at $4.26 on Friday. The firm has a market cap of $450.11 million, a P/E ratio of -0.58 and a beta of 1.64. The company has a current ratio of 2.49, a quick ratio of 1.35 and a debt-to-equity ratio of 2.85. Algoma Steel Group has a 12 month low of $3.02 and a 12 month high of $5.90. The stock’s fifty day moving average price is $4.27 and its 200-day moving average price is $4.40.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. The firm had revenue of $267.50 million during the quarter, compared to the consensus estimate of $205.57 million. On average, equities research analysts expect that Algoma Steel Group will post -2.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Element Pointe Advisors LLC bought a new stake in Algoma Steel Group during the second quarter valued at about $40,000. Corient Private Wealth LP bought a new position in Algoma Steel Group in the second quarter worth about $61,000. Hsbc Holdings PLC raised its holdings in Algoma Steel Group by 40.3% in the first quarter. Hsbc Holdings PLC now owns 54,379 shares of the company’s stock worth $222,000 after purchasing an additional 15,625 shares in the last quarter. Cibc World Market Inc. purchased a new stake in shares of Algoma Steel Group during the second quarter valued at about $102,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Algoma Steel Group during the fourth quarter valued at about $107,000. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a Canadian steel producer headquartered in Sault Ste. Marie, Ontario. Through its operating subsidiary, Algoma Steel Inc, the company manufactures steel products for customers in the automotive, construction, manufacturing, energy and transportation industries.

Algoma’s product portfolio includes hot- and cold-rolled steel sheet, galvanized steel, plate and other specialized steel products. Its products are used in applications such as vehicle components, heavy equipment, industrial machinery, structural construction and infrastructure projects.

The company traces its history to the establishment of Algoma Steel in Sault Ste.