Algoma Steel Group Inc. $ASTL Stock Position Lifted by MMCAP International Inc. SPC

MMCAP International Inc. SPC raised its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 42.2% during the fourth quarter, Holdings Channel reports. The firm owned 11,487,861 shares of the company’s stock after buying an additional 3,409,033 shares during the quarter. Algoma Steel Group makes up approximately 4.8% of MMCAP International Inc. SPC’s portfolio, making the stock its 2nd biggest position. MMCAP International Inc. SPC owned about 0.11% of Algoma Steel Group worth $47,111,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its position in shares of Algoma Steel Group by 13.7% in the 3rd quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after buying an additional 3,400 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Algoma Steel Group in the 2nd quarter worth about $32,000. Mackenzie Financial Corp grew its position in shares of Algoma Steel Group by 12.6% in the 3rd 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 period. Legal & General Group Plc grew its position in shares of Algoma Steel Group by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after buying an additional 8,963 shares during the period. Finally, Terril Brothers Inc. grew its position in shares of Algoma Steel Group by 39.8% in the 4th quarter. Terril Brothers Inc. now owns 58,000 shares of the company’s stock worth $238,000 after buying an additional 16,500 shares during the period. 72.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Zacks Research downgraded shares of Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Friday, March 27th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Three investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Algoma Steel Group currently has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

Shares of Algoma Steel Group stock opened at $4.98 on Wednesday. The stock has a market cap of $523.80 million, a price-to-earnings ratio of -0.67 and a beta of 1.55. The firm’s 50-day moving average is $4.55 and its 200 day moving average is $4.36. Algoma Steel Group Inc. has a 1 year low of $3.02 and a 1 year high of $7.24. 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 analysts’ consensus estimates of ($0.78) by ($0.28). The firm had revenue of $216.44 million during the quarter, compared to the consensus estimate of $217.57 million. Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%. Sell-side analysts anticipate that Algoma Steel Group Inc. will post -2.27 EPS for the current fiscal year.

Algoma Steel Group 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.