MMCAP International Inc. SPC Has $47.11 Million Stock Position in Algoma Steel Group Inc. $ASTL

MMCAP International Inc. SPC lifted its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL) by 42.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 11,487,861 shares of the company’s stock after acquiring an additional 3,409,033 shares during the quarter. Algoma Steel Group accounts for about 4.8% of MMCAP International Inc. SPC’s holdings, making the stock its 2nd biggest holding. MMCAP International Inc. SPC owned approximately 10.94% of Algoma Steel Group worth $47,111,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in Algoma Steel Group during the 2nd quarter valued at $32,000. Lighthouse Investment Partners LLC bought a new stake in Algoma Steel Group during the 3rd quarter valued at $79,000. Prelude Capital Management LLC bought a new stake in Algoma Steel Group during the 3rd quarter valued at $95,000. NewEdge Advisors LLC raised its holdings in Algoma Steel Group by 13.7% during the 3rd quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock valued at $101,000 after buying an additional 3,400 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new stake in Algoma Steel Group during the 2nd quarter valued at $146,000. 72.00% of the stock is currently owned by institutional investors.

Algoma Steel Group Stock Up 5.3%

Shares of Algoma Steel Group stock opened at $4.98 on Wednesday. The company has a current ratio of 2.45, a quick ratio of 1.22 and a debt-to-equity ratio of 2.19. The company’s fifty day simple moving average is $4.55 and its two-hundred day simple moving average is $4.36. The company has a market cap of $523.80 million, a P/E ratio of -0.67 and a beta of 1.55. Algoma Steel Group Inc. has a 12-month low of $3.02 and a 12-month high of $7.24.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). The company had revenue of $216.44 million for the quarter, compared to analysts’ expectations of $217.57 million. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. Research analysts anticipate that Algoma Steel Group Inc. will post -2.27 EPS for the current year.

Analysts Set New Price Targets

ASTL has been the subject of a number of recent analyst reports. Zacks Research lowered shares of Algoma Steel Group from a “hold” rating to a “strong sell” rating in a report on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average 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.