TD Asset Management Inc Sells 1,247,064 Shares of Algoma Steel Group Inc. $ASTL

TD Asset Management Inc lowered its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 91.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 116,236 shares of the company’s stock after selling 1,247,064 shares during the quarter. TD Asset Management Inc owned approximately 0.11% of Algoma Steel Group worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. MMCAP International Inc. SPC boosted its holdings in shares of Algoma Steel Group by 11.9% in the third quarter. MMCAP International Inc. SPC now owns 8,078,828 shares of the company’s stock worth $28,720,000 after buying an additional 860,610 shares during the last quarter. Readystate Asset Management LP increased its holdings in Algoma Steel Group by 13.3% during the third quarter. Readystate Asset Management LP now owns 640,324 shares of the company’s stock valued at $2,276,000 after buying an additional 75,099 shares during the last quarter. Heartland Advisors Inc. increased its holdings in Algoma Steel Group by 20.0% during the third quarter. Heartland Advisors Inc. now owns 600,000 shares of the company’s stock valued at $2,133,000 after buying an additional 100,000 shares during the last quarter. Olympiad Research LP bought a new position in Algoma Steel Group in the third quarter worth approximately $74,000. Finally, Assenagon Asset Management S.A. bought a new position in Algoma Steel Group in the third quarter worth approximately $81,000. Institutional investors own 72.00% of the company’s stock.

Analyst Upgrades and Downgrades

ASTL has been the subject of a number of recent research reports. Zacks Research raised shares of Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Jefferies Financial Group started coverage on Algoma Steel Group in a report on Friday, January 2nd. They issued a “hold” rating on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Algoma Steel Group in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold”.

Algoma Steel Group Price Performance

Shares of NASDAQ:ASTL opened at $4.40 on Friday. The company has a market capitalization of $462.00 million, a P/E ratio of -0.93 and a beta of 1.54. Algoma Steel Group Inc. has a 1-year low of $3.02 and a 1-year high of $7.24. The firm’s 50 day simple moving average is $4.47 and its two-hundred day simple moving average is $4.28. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.29 and a quick ratio of 0.76.

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.