TD Asset Management Inc Acquires 1,571,184 Shares of Algoma Steel Group Inc. $ASTL

TD Asset Management Inc raised its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 1,351.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,687,420 shares of the company’s stock after acquiring an additional 1,571,184 shares during the quarter. TD Asset Management Inc owned approximately 1.61% of Algoma Steel Group worth $6,955,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Clear Harbor Asset Management LLC bought a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $107,000. MMCAP International Inc. SPC grew its stake in shares of Algoma Steel Group by 42.2% during the 4th quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock worth $47,111,000 after acquiring an additional 3,409,033 shares in the last quarter. Terril Brothers Inc. grew its stake in shares of Algoma Steel Group by 39.8% during the 4th quarter. Terril Brothers Inc. now owns 58,000 shares of the company’s stock worth $238,000 after acquiring an additional 16,500 shares in the last quarter. Prescott Group Capital Management L.L.C. bought a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $948,000. Finally, UBS Group AG boosted its holdings in shares of Algoma Steel Group by 64.7% in the 4th quarter. UBS Group AG now owns 944,764 shares of the company’s stock valued at $3,874,000 after buying an additional 371,288 shares during the last quarter. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Trading Down 5.3%

Shares of Algoma Steel Group stock opened at $4.68 on Wednesday. The business has a fifty day simple moving average of $4.86 and a two-hundred day simple moving average of $4.48. Algoma Steel Group Inc. has a 1 year low of $3.02 and a 1 year high of $7.24. The company has a market capitalization of $493.23 million, a price-to-earnings ratio of -0.63 and a beta of 1.60. The company has a debt-to-equity ratio of 2.19, a current ratio of 2.45 and a quick ratio of 1.22.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Zacks Research cut shares of Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock 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.