Algoma Steel Group (NASDAQ:ASTL) Stock Price Down 0.3% – Here’s What Happened

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) dropped 0.3% during mid-day trading on Wednesday . The stock traded as low as $3.70 and last traded at $3.75. 832,126 shares changed hands during trading, an increase of 14% from the average daily volume of 728,272 shares. The stock had previously closed at $3.76.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Zacks Research upgraded Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Algoma Steel Group currently has a consensus rating of “Reduce”.

Algoma Steel Group Trading Up 0.8%

The firm’s 50-day simple moving average is $4.70 and its 200-day simple moving average is $4.49. The firm has a market capitalization of $382.49 million, a PE ratio of -0.49 and a beta of 1.64. The company has a quick ratio of 1.22, a current ratio of 2.45 and a debt-to-equity ratio of 2.19.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing the consensus estimate of ($0.78) by ($0.28). The company had revenue of $216.44 million during the quarter, compared to analysts’ expectations of $217.57 million. Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%. Equities analysts expect that Algoma Steel Group Inc. will post -2.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. LPL Financial LLC raised its holdings in Algoma Steel Group by 5.6% during the 4th quarter. LPL Financial LLC now owns 62,194 shares of the company’s stock valued at $255,000 after buying an additional 3,300 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Algoma Steel Group by 13.7% in the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock valued at $101,000 after acquiring an additional 3,400 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Algoma Steel Group in the second quarter valued at about $32,000. Mackenzie Financial Corp raised its stake in shares of Algoma Steel Group by 12.6% during the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock valued at $193,000 after acquiring an additional 6,086 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Algoma Steel Group by 11.3% during the second quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock valued at $611,000 after acquiring an additional 8,963 shares during the last quarter. Institutional investors own 72.00% of the company’s stock.

About Algoma Steel Group

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.