Robotti Robert Sells 60,000 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

Robotti Robert reduced its stake in Algoma Steel Group Inc. (NASDAQ:ASTL) by 40.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,000 shares of the company’s stock after selling 60,000 shares during the period. Robotti Robert owned 0.09% of Algoma Steel Group worth $488,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Donald Smith & CO. Inc. increased its stake in Algoma Steel Group by 0.3% in the first quarter. Donald Smith & CO. Inc. now owns 8,088,120 shares of the company’s stock valued at $43,838,000 after purchasing an additional 20,517 shares in the last quarter. MMCAP International Inc. SPC increased its position in shares of Algoma Steel Group by 0.3% during the first quarter. MMCAP International Inc. SPC now owns 6,641,417 shares of the company’s stock worth $35,996,000 after acquiring an additional 21,414 shares in the last quarter. Woodline Partners LP increased its position in shares of Algoma Steel Group by 59.2% during the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock worth $27,819,000 after acquiring an additional 1,057,517 shares in the last quarter. Intact Investment Management Inc. increased its position in shares of Algoma Steel Group by 24.6% during the first quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company’s stock worth $7,945,000 after acquiring an additional 288,861 shares in the last quarter. Finally, J. Goldman & Co LP increased its position in shares of Algoma Steel Group by 1.5% during the fourth quarter. J. Goldman & Co LP now owns 1,226,375 shares of the company’s stock worth $11,994,000 after acquiring an additional 17,802 shares in the last quarter. 72.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ASTL has been the subject of several recent research reports. Stifel Canada downgraded shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 17th. Wall Street Zen downgraded shares of Algoma Steel Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. BMO Capital Markets downgraded shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 2nd. Finally, Royal Bank Of Canada raised shares of Algoma Steel Group to a “hold” rating in a research report on Tuesday, April 22nd.

Algoma Steel Group Stock Up 2.2%

ASTL opened at $4.70 on Thursday. The company has a quick ratio of 0.98, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. The stock has a market cap of $493.17 million, a price-to-earnings ratio of -2.11 and a beta of 1.62. Algoma Steel Group Inc. has a twelve month low of $4.17 and a twelve month high of $12.14. The company’s 50-day moving average price is $6.24 and its two-hundred day moving average price is $6.19.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Tuesday, July 29th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.29). The company had revenue of $433.14 million during the quarter, compared to analysts’ expectations of $577.67 million. Algoma Steel Group had a negative net margin of 13.51% and a negative return on equity of 22.24%. As a group, equities analysts expect that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Algoma Steel Group Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.