Algoma Steel Group (TSE:ASTL) Hits New 52-Week Low – Here’s What Happened

Algoma Steel Group Inc. (TSE:ASTL) shares hit a new 52-week low on Tuesday . The stock traded as low as C$5.45 and last traded at C$5.45, with a volume of 236950 shares trading hands. The stock had previously closed at C$5.69.

Wall Street Analyst Weigh In

ASTL has been the subject of a number of recent analyst reports. BMO Capital Markets cut Algoma Steel Group from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from C$12.00 to C$8.00 in a research report on Tuesday, June 3rd. Royal Bank Of Canada lowered their price target on Algoma Steel Group from C$10.00 to C$8.00 and set a “sector perform” rating for the company in a report on Thursday, July 31st. Finally, Stifel Nicolaus lowered their target price on shares of Algoma Steel Group from C$14.00 to C$13.00 and set a “buy” rating for the company in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Algoma Steel Group presently has an average rating of “Hold” and an average target price of C$9.67.

Algoma Steel Group Price Performance

The company has a market capitalization of C$551.95 million, a price-to-earnings ratio of -3.63 and a beta of 2.07. The stock has a fifty day simple moving average of C$6.74 and a 200-day simple moving average of C$7.63. The company has a debt-to-equity ratio of 43.70, a current ratio of 3.31 and a quick ratio of 1.51.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales.