Algoma Steel Group (TSE:ASTL) Stock Falls 1.3% – What’s Next?

Algoma Steel Group Inc. (TSE:ASTL) shares dropped 1.3% during mid-day trading on Wednesday. The company traded as low as C$6.00 and last traded at C$6.14. 242,930 shares were traded during mid-day trading, a decline of 61% from the average session volume of 624,007 shares. The stock had previously closed at C$6.22.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Royal Bank Of Canada set a C$6.00 target price on shares of Algoma Steel Group and gave the company a “sector perform” rating in a report on Wednesday, September 2nd. BMO Capital Markets cut their price objective on shares of Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating on the stock in a report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of C$7.38.

Algoma Steel Group Trading Up 1.3%

The firm’s 50 day moving average price is C$5.93 and its 200-day moving average price is C$6.12. The company has a debt-to-equity ratio of 368.00, a current ratio of 2.49 and a quick ratio of 1.50. The stock has a market cap of C$633.39 million, a P/E ratio of -0.59 and a beta of 1.87.

Algoma Steel Group (TSE:ASTL) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C($0.88) earnings per share for the quarter. The firm had revenue of C$267.50 million during the quarter. Algoma Steel Group had a negative return on equity of 180.34% and a negative net margin of 55.02%. As a group, equities research analysts forecast that Algoma Steel Group Inc. will post 1.4795699 earnings per share for the current year.

About Algoma Steel Group

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.