Algoma Steel Group (TSE:ASTL) Stock Price Down 3.4% – Here’s What Happened

Shares of Algoma Steel Group Inc. (TSE:ASTL) dropped 3.4% during trading on Monday . The company traded as low as C$5.69 and last traded at C$5.74. 329,869 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 637,436 shares. The stock had previously closed at C$5.94.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada set a C$7.00 price objective on Algoma Steel Group and gave the stock a “sector perform” rating in a report on Tuesday. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Algoma Steel Group currently has a consensus rating of “Hold” and a consensus price target of C$8.17.

Algoma Steel Group Stock Performance

The company has a market cap of C$609.15 million, a price-to-earnings ratio of -0.56 and a beta of 1.62. The company has a debt-to-equity ratio of 175.52, a quick ratio of 1.50 and a current ratio of 2.18. The business’s 50 day moving average price is C$6.71 and its 200-day moving average price is C$6.25.

Algoma Steel Group (TSE:ASTL) last issued its earnings results on Tuesday, May 12th. The company reported C($1.46) earnings per share for the quarter. The business had revenue of C$296.90 million for the quarter. Algoma Steel Group had a negative net margin of 47.22% and a negative return on equity of 125.08%. On average, research analysts forecast that Algoma Steel Group Inc. will post 1.4795699 EPS for the current year.

Algoma Steel Group Company Profile

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales. Substantial revenue is generated from the sale of Steel sheets and strips.