Algoma Steel Group Inc. (NASDAQ:ASTL) Given Average Recommendation of “Hold” by Brokerages

Algoma Steel Group Inc. (NASDAQ:ASTL) has been assigned an average recommendation of “Hold” from the six analysts that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a strong buy recommendation to the company.

Several brokerages have recently commented on ASTL. Zacks Research upgraded shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 12th. Jefferies Financial Group initiated coverage on shares of Algoma Steel Group in a research report on Friday, January 2nd. They set a “hold” rating on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th.

Algoma Steel Group Stock Performance

Shares of ASTL stock opened at $4.23 on Tuesday. Algoma Steel Group has a fifty-two week low of $3.02 and a fifty-two week high of $8.62. The stock’s 50-day moving average is $4.24 and its two-hundred day moving average is $4.39. 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 firm has a market cap of $443.85 million, a P/E ratio of -0.89 and a beta of 1.56.

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

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its stake in shares of Algoma Steel Group by 13.7% in the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after buying an additional 3,400 shares during the last quarter. Campbell & CO Investment Adviser LLC raised its holdings in Algoma Steel Group by 21.6% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 24,435 shares of the company’s stock worth $168,000 after acquiring an additional 4,346 shares during the period. Raymond James Financial Inc. acquired a new position in Algoma Steel Group during the 2nd quarter worth $32,000. Mackenzie Financial Corp lifted its position in Algoma Steel Group by 12.6% during the 3rd quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock worth $193,000 after acquiring an additional 6,086 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Algoma Steel Group by 11.3% during the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock valued at $611,000 after acquiring an additional 8,963 shares during the period. 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.