Algoma Steel Group Inc. $ASTL Shares Bought by MMCAP International Inc. SPC

MMCAP International Inc. SPC increased its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 11.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 8,078,828 shares of the company’s stock after acquiring an additional 860,610 shares during the period. Algoma Steel Group accounts for about 3.3% of MMCAP International Inc. SPC’s portfolio, making the stock its 4th largest position. MMCAP International Inc. SPC owned about 0.08% of Algoma Steel Group worth $28,720,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Maple Rock Capital Partners Inc. lifted its stake in Algoma Steel Group by 18.3% during the second quarter. Maple Rock Capital Partners Inc. now owns 8,396,800 shares of the company’s stock worth $57,854,000 after purchasing an additional 1,296,800 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. raised its holdings in shares of Algoma Steel Group by 34.0% in the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 3,898,205 shares of the company’s stock worth $26,983,000 after buying an additional 989,633 shares in the last quarter. Intact Investment Management Inc. raised its holdings in shares of Algoma Steel Group by 37.1% in the 2nd quarter. Intact Investment Management Inc. now owns 2,007,006 shares of the company’s stock worth $13,865,000 after buying an additional 543,245 shares in the last quarter. Aegis Financial Corp lifted its position in shares of Algoma Steel Group by 22.3% during the 2nd quarter. Aegis Financial Corp now owns 1,786,122 shares of the company’s stock worth $12,306,000 after buying an additional 326,219 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Algoma Steel Group in the 2nd quarter valued at $10,874,000. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Price Performance

Algoma Steel Group stock opened at $4.95 on Monday. The business’s fifty day moving average is $4.41 and its two-hundred day moving average is $4.28. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 2.29. The firm has a market cap of $519.75 million, a P/E ratio of -1.04 and a beta of 1.56. Algoma Steel Group Inc. has a 52 week low of $3.02 and a 52 week high of $7.82.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Jefferies Financial Group began coverage on Algoma Steel Group in a research note on Friday, January 2nd. They set a “hold” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Monday, December 29th. Finally, Zacks Research raised shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Algoma Steel Group has a consensus rating of “Hold”.

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.