Algoma Steel Group (NASDAQ:ASTL) Upgraded by Zacks Research to Hold Rating

Algoma Steel Group (NASDAQ:ASTL) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

ASTL has been the subject of a number of other reports. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a report on Friday, March 27th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Algoma Steel Group Stock Performance

Shares of Algoma Steel Group stock opened at $4.56 on Tuesday. The company has a market capitalization of $480.58 million, a PE ratio of -0.61 and a beta of 1.60. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.22 and a current ratio of 2.45. The company has a 50-day simple moving average of $4.87 and a two-hundred day simple moving average of $4.48. Algoma Steel Group has a one year low of $3.02 and a one year high of $7.24.

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

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in shares of Algoma Steel Group during the 2nd quarter valued at approximately $32,000. Element Pointe Advisors LLC purchased a new position in Algoma Steel Group in the 4th quarter valued at $41,000. Federation des caisses Desjardins du Quebec lifted its holdings in Algoma Steel Group by 101.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after purchasing an additional 9,000 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new position in Algoma Steel Group in the 3rd quarter valued at $79,000. Finally, FIL Ltd purchased a new position in Algoma Steel Group in the 4th quarter valued at $85,000. Institutional investors and hedge funds 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.