Algoma Steel Group (NASDAQ:ASTL) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Algoma Steel Group (NASDAQ:ASTL) from a hold rating to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Other analysts have also issued research reports about the company. Jefferies Financial Group began coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Algoma Steel Group Price Performance

ASTL traded up $0.10 during trading on Monday, reaching $4.45. 76,098 shares of the company traded hands, compared to its average volume of 707,958. Algoma Steel Group has a 12-month low of $3.02 and a 12-month high of $8.96. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 2.29. The firm has a fifty day simple moving average of $4.03 and a 200 day simple moving average of $4.64. The company has a market cap of $466.43 million, a P/E ratio of -0.94 and a beta of 1.56.

Algoma Steel Group (NASDAQ:ASTL) last issued its 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 return on equity of 15.13% and a negative net margin of 31.27%.The business had revenue of $380.44 million during the quarter, compared to analysts’ expectations of $366.98 million. On average, equities analysts forecast that Algoma Steel Group will post -0.63 EPS for the current year.

Institutional Investors Weigh In On Algoma Steel Group

A number of institutional investors have recently added to or reduced their stakes in ASTL. NewEdge Advisors LLC grew its position in shares of Algoma Steel Group by 13.7% during 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 in the last quarter. Prelude Capital Management LLC purchased a new position in Algoma Steel Group in the 3rd quarter valued at approximately $95,000. Nomura Holdings Inc. acquired a new position in shares of Algoma Steel Group in the 3rd quarter valued at $164,000. Lighthouse Investment Partners LLC acquired a new position in Algoma Steel Group in the 3rd quarter valued at $79,000. Finally, Centiva Capital LP purchased a new stake in Algoma Steel Group during the third quarter worth $255,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

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.