Prescott Group Capital Management L.L.C. Makes New $948,000 Investment in Algoma Steel Group Inc. $ASTL

Prescott Group Capital Management L.L.C. bought a new position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 231,219 shares of the company’s stock, valued at approximately $948,000. Prescott Group Capital Management L.L.C. owned about 0.22% of Algoma Steel Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ASTL. Maple Rock Capital Partners Inc. lifted its stake in shares of Algoma Steel Group by 24.2% in the 3rd quarter. Maple Rock Capital Partners Inc. now owns 10,430,818 shares of the company’s stock valued at $37,082,000 after acquiring an additional 2,034,018 shares during the last quarter. MMCAP International Inc. SPC lifted its stake in shares of Algoma Steel Group by 11.9% in the 3rd quarter. MMCAP International Inc. SPC now owns 8,078,828 shares of the company’s stock valued at $28,720,000 after acquiring an additional 860,610 shares during the last quarter. Quadrature Capital Ltd lifted its stake in shares of Algoma Steel Group by 14,366.4% in the 3rd quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company’s stock valued at $5,439,000 after acquiring an additional 1,518,530 shares during the last quarter. UBS Group AG lifted its stake in shares of Algoma Steel Group by 64.7% in the 4th quarter. UBS Group AG now owns 944,764 shares of the company’s stock valued at $3,874,000 after acquiring an additional 371,288 shares during the last quarter. Finally, Readystate Asset Management LP lifted its stake in shares of Algoma Steel Group by 13.3% in the 3rd quarter. Readystate Asset Management LP now owns 640,324 shares of the company’s stock valued at $2,276,000 after acquiring an additional 75,099 shares during the last quarter. 72.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ASTL. Zacks Research cut Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 11th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Friday, March 27th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Algoma Steel Group has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

NASDAQ ASTL opened at $4.93 on Thursday. The company has a market capitalization of $518.54 million, a price-to-earnings ratio of -0.66 and a beta of 1.55. Algoma Steel Group Inc. has a twelve month low of $3.02 and a twelve month high of $7.24. The stock has a fifty day simple moving average of $4.48 and a 200 day simple moving average of $4.34. 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 posted its quarterly earnings data on Tuesday, May 12th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). The company had revenue of $216.44 million during the quarter, compared to analyst estimates of $217.57 million. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. Sell-side analysts expect that Algoma Steel Group Inc. will post -2.27 EPS for the current year.

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.