Algoma Steel Group (NASDAQ:ASTL) Upgraded at Wall Street Zen

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

Other analysts also recently issued research reports about the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research report on Monday, September 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday, September 21st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce”.

Algoma Steel Group Trading Up 3.6%

ASTL stock opened at $4.94 on Friday. 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 1 year low of $3.16 and a 1 year high of $5.90. The stock has a 50-day simple moving average of $4.35 and a 200-day simple moving average of $4.44.

Algoma Steel Group (NASDAQ:ASTL) last announced its earnings results on Wednesday, October 28th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.35). The company had revenue of $175.15 million for the quarter, compared to analysts’ expectations of $161.15 million. Algoma Steel Group had a negative net margin of 59.04% and a negative return on equity of 186.12%. Sell-side analysts forecast that Algoma Steel Group will post -2.37 EPS for the current year.

Institutional Trading of Algoma Steel Group

Several large investors have recently modified their holdings of the business. Element Pointe Advisors LLC purchased a new position in Algoma Steel Group in the second quarter valued at about $40,000. Corient Private Wealth LP acquired a new stake in Algoma Steel Group during the 2nd quarter valued at approximately $61,000. Hsbc Holdings PLC increased its holdings in Algoma Steel Group by 40.3% during the 1st quarter. Hsbc Holdings PLC now owns 54,379 shares of the company’s stock worth $222,000 after purchasing an additional 15,625 shares during the last quarter. Cibc World Market Inc. purchased a new stake in Algoma Steel Group during the 2nd quarter worth approximately $102,000. Finally, Net Worth Advisory Group purchased a new stake in Algoma Steel Group during the 3rd quarter worth approximately $205,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is an integrated steel producer headquartered in Sault Ste. Marie, Ontario, Canada. Through its steelmaking and finishing operations, the company produces a range of steel products for customers primarily in Canada and the United States.

Algoma’s product portfolio includes hot- and cold-rolled steel sheet, galvanized steel and steel plate. Its products are used in sectors such as automotive manufacturing, construction, energy, transportation, industrial equipment and general manufacturing.