Algoma Steel Group (TSE:ASTL) Sets New 52-Week High – Here’s Why

Algoma Steel Group Inc. (TSE:ASTL) shares reached a new 52-week high during trading on Monday. The company traded as high as C$8.21 and last traded at C$8.16, with a volume of 1,171,594 shares trading hands. The stock had previously closed at C$7.60.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Royal Bank Of Canada set a C$6.00 price objective on Algoma Steel Group and gave the stock a “sector perform” rating in a research note on Wednesday, September 2nd. BMO Capital Markets decreased their target price on Algoma Steel Group from C$7.00 to C$6.00 and set a “market perform” rating for the company in a research note on Friday, July 31st. Three research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$6.00.

Algoma Steel Group Stock Performance

The stock’s 50 day moving average is C$6.34 and its two-hundred day moving average is C$6.21. The stock has a market capitalization of C$866.30 million, a price-to-earnings ratio of -1.19 and a beta of 1.99. The company has a current ratio of 2.53, a quick ratio of 1.50 and a debt-to-equity ratio of 478.37.

Algoma Steel Group (TSE:ASTL) last released its quarterly earnings results on Wednesday, October 28th. The company reported C($1.18) earnings per share (EPS) for the quarter. The firm had revenue of C$249.40 million during the quarter. Algoma Steel Group had a negative net margin of 41.29% and a negative return on equity of 166.65%. Analysts expect that Algoma Steel Group Inc. will post 1.48 earnings per share for the current fiscal year.

About Algoma Steel Group

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.