LM Asset Management Inc. Takes Position in Algoma Steel Group Inc. $ASTL

LM Asset Management Inc. purchased a new stake in Algoma Steel Group Inc. (NASDAQ:ASTL) during the second quarter, HoldingsChannel.com reports. The fund purchased 1,016,000 shares of the company’s stock, valued at approximately $4,114,800,000. Algoma Steel Group comprises about 2.6% of LM Asset Management Inc.’s investment portfolio, making the stock its 9th biggest holding.

Other large investors have also recently made changes to their positions in the company. LPL Financial LLC raised its holdings in shares of Algoma Steel Group by 5.6% during the 4th quarter. LPL Financial LLC now owns 62,194 shares of the company’s stock worth $255,000 after acquiring an additional 3,300 shares in the last quarter. NewEdge Advisors LLC raised its position in Algoma Steel Group by 13.7% during the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock valued at $101,000 after purchasing an additional 3,400 shares during the period. Raymond James Financial Inc. bought a new position in shares of Algoma Steel Group during the 2nd quarter valued at approximately $32,000. Mackenzie Financial Corp lifted its position in Algoma Steel Group by 12.6% in the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock worth $193,000 after buying an additional 6,086 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Algoma Steel Group by 11.3% during the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after purchasing an additional 8,963 shares during the period. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Stock Performance

Shares of Algoma Steel Group stock opened at $4.56 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. The stock’s fifty day moving average price is $4.15 and its 200-day moving average price is $4.47. The firm has a market cap of $481.81 million, a P/E ratio of -0.62 and a beta of 1.64. Algoma Steel Group Inc. has a 12 month low of $3.02 and a 12 month high of $5.90.

Algoma Steel Group (NASDAQ:ASTL) last issued its earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%.The business had revenue of $267.50 million for the quarter, compared to the consensus estimate of $205.57 million. On average, equities research analysts expect that Algoma Steel Group Inc. will post -2.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Zacks Research upgraded Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Wall Street Zen raised Algoma Steel Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 1st. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Algoma Steel Group presently has a consensus rating of “Reduce”.

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.