Scheer Rowlett & Associates Investment Management Ltd. Has $26.98 Million Stock Holdings in Algoma Steel Group Inc. $ASTL

Scheer Rowlett & Associates Investment Management Ltd. grew its stake in Algoma Steel Group Inc. (NASDAQ:ASTL) by 34.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,898,205 shares of the company’s stock after purchasing an additional 989,633 shares during the quarter. Algoma Steel Group comprises approximately 1.7% of Scheer Rowlett & Associates Investment Management Ltd.’s holdings, making the stock its 22nd largest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Algoma Steel Group were worth $26,983,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Donald Smith & CO. Inc. increased its holdings in Algoma Steel Group by 0.3% in the first quarter. Donald Smith & CO. Inc. now owns 8,088,120 shares of the company’s stock valued at $43,838,000 after purchasing an additional 20,517 shares during the last quarter. MMCAP International Inc. SPC increased its stake in shares of Algoma Steel Group by 8.7% in the 2nd quarter. MMCAP International Inc. SPC now owns 7,218,218 shares of the company’s stock valued at $49,734,000 after acquiring an additional 576,801 shares during the last quarter. Solas Capital Management LLC increased its stake in shares of Algoma Steel Group by 37.7% in the 1st quarter. Solas Capital Management LLC now owns 1,460,646 shares of the company’s stock valued at $7,917,000 after acquiring an additional 400,000 shares during the last quarter. TD Asset Management Inc raised its position in shares of Algoma Steel Group by 712.0% in the 2nd quarter. TD Asset Management Inc now owns 1,363,300 shares of the company’s stock valued at $9,402,000 after acquiring an additional 1,195,416 shares during the period. Finally, AYAL Capital Advisors Ltd boosted its stake in Algoma Steel Group by 30.9% during the 1st quarter. AYAL Capital Advisors Ltd now owns 1,242,680 shares of the company’s stock worth $6,735,000 after acquiring an additional 293,396 shares during the last quarter. 72.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen downgraded shares of Algoma Steel Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Algoma Steel Group in a 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. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce”.

Algoma Steel Group Price Performance

Shares of NASDAQ ASTL opened at $3.86 on Friday. The company has a fifty day moving average price of $4.20 and a 200 day moving average price of $5.23. Algoma Steel Group Inc. has a 1-year low of $3.02 and a 1-year high of $12.10. The firm has a market cap of $405.03 million, a PE ratio of -0.81 and a beta of 1.56. The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72.

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

Algoma Steel Group 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.