MMCAP International Inc. SPC Boosts Stake in Algoma Steel Group Inc. $ASTL

MMCAP International Inc. SPC boosted its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 8.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,218,218 shares of the company’s stock after purchasing an additional 576,801 shares during the quarter. Algoma Steel Group accounts for about 6.6% of MMCAP International Inc. SPC’s holdings, making the stock its 3rd largest holding. MMCAP International Inc. SPC owned about 0.07% of Algoma Steel Group worth $49,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Algoma Steel Group during the 1st quarter valued at $514,000. Prescott Group Capital Management L.L.C. bought a new stake in Algoma Steel Group during the first quarter valued at $650,000. Heartland Advisors Inc. grew its position in Algoma Steel Group by 150.0% during the first quarter. Heartland Advisors Inc. now owns 500,000 shares of the company’s stock worth $2,710,000 after buying an additional 300,000 shares in the last quarter. TD Asset Management Inc increased its stake in Algoma Steel Group by 3.3% in the 1st quarter. TD Asset Management Inc now owns 167,884 shares of the company’s stock worth $911,000 after acquiring an additional 5,325 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Algoma Steel Group in the 1st quarter valued at about $181,000. 72.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ASTL has been the subject of several recent analyst reports. Wall Street Zen lowered Algoma Steel Group from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Algoma Steel Group in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce”.

Algoma Steel Group Price Performance

ASTL stock opened at $3.86 on Friday. The firm has a market cap of $405.05 million, a P/E ratio of -0.81 and a beta of 1.56. The firm’s fifty day moving average is $4.20 and its 200 day moving average is $5.23. Algoma Steel Group Inc. has a 52 week low of $3.02 and a 52 week high of $12.10. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 2.29.

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

Algoma Steel Group Company 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.