Algoma Steel Group Inc. (NASDAQ:ASTL) Given Average Rating of “Reduce” by Analysts

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) have been assigned an average rating of “Reduce” from the five ratings firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company.

Several research firms recently issued reports on ASTL. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday. Jefferies Financial Group initiated coverage on Algoma Steel Group in a research report on Friday. They set a “hold” rating for the company.

Algoma Steel Group Stock Performance

Algoma Steel Group stock opened at $4.10 on Friday. Algoma Steel Group has a 1-year low of $3.02 and a 1-year high of $9.86. The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $430.21 million, a PE ratio of -0.86 and a beta of 1.56. The firm’s 50 day simple moving average is $4.03 and its 200 day simple moving average is $4.81.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.66) by $0.78. The firm had revenue of $380.44 million during the quarter, compared to the consensus estimate of $366.98 million. Algoma Steel Group had a negative net margin of 31.27% and a negative return on equity of 15.13%. As a group, analysts expect that Algoma Steel Group will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Algoma Steel Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in shares of Algoma Steel Group during the 2nd quarter valued at $32,000. EJF Capital LLC bought a new position in Algoma Steel Group in the first quarter valued at $60,000. Olympiad Research LP bought a new position in Algoma Steel Group in the third quarter valued at $74,000. Engineers Gate Manager LP purchased a new stake in Algoma Steel Group during the second quarter valued at about $146,000. Finally, Lighthouse Investment Partners LLC bought a new stake in Algoma Steel Group during the third quarter worth about $79,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

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.