Algoma Steel Group Inc. $ASTL Shares Bought by NewGen Asset Management Ltd

NewGen Asset Management Ltd grew its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 54.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,132,909 shares of the company’s stock after purchasing an additional 400,409 shares during the period. Algoma Steel Group accounts for about 4.4% of NewGen Asset Management Ltd’s portfolio, making the stock its 8th biggest position. NewGen Asset Management Ltd’s holdings in Algoma Steel Group were worth $7,806,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in the business. Y Intercept Hong Kong Ltd purchased a new stake in shares of Algoma Steel Group during the 1st quarter valued at $514,000. Prescott Group Capital Management L.L.C. acquired a new position in Algoma Steel Group during the 1st quarter valued at about $650,000. Heartland Advisors Inc. increased its position in Algoma Steel Group by 150.0% during the 1st quarter. Heartland Advisors Inc. now owns 500,000 shares of the company’s stock valued at $2,710,000 after buying an additional 300,000 shares in the last quarter. TD Asset Management Inc increased its position in Algoma Steel Group by 3.3% during the 1st quarter. TD Asset Management Inc now owns 167,884 shares of the company’s stock valued at $911,000 after buying an additional 5,325 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Algoma Steel Group in the first quarter valued at about $181,000. 72.00% of the stock is owned by institutional investors and hedge funds.

Algoma Steel Group Stock Up 1.7%

Algoma Steel Group stock opened at $3.55 on Wednesday. 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 business’s 50-day simple moving average is $4.03 and its two-hundred day simple moving average is $5.16. The company has a market cap of $372.50 million, a PE ratio of -0.75 and a beta of 1.56. Algoma Steel Group Inc. has a fifty-two week low of $3.02 and a fifty-two week high of $11.69.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.66) by $0.78. The firm had revenue of $380.44 million during the quarter, compared to analysts’ expectations of $366.98 million. Algoma Steel Group had a negative return on equity of 15.13% and a negative net margin of 31.27%. Equities analysts anticipate that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ASTL. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a report on Thursday, November 13th. Wall Street Zen lowered shares of Algoma Steel Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Algoma Steel Group has a consensus rating of “Reduce”.

About Algoma Steel Group

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.