Algoma Steel Group (NASDAQ:ASTL) Downgraded by Wall Street Zen to "Sell"

Key Points

• Algoma Steel Group has been downgraded from a "hold" to a "sell" rating by analysts at Wall Street Zen, indicating a shift in market sentiment regarding the company's stock.
• The company reported a quarterly earnings miss, with earnings per share of ($0.74), falling short of the consensus estimate of ($0.45) by $0.29, alongside revenues of $433.14 million compared to expectations of $577.67 million.
• Institutional investors hold a significant portion of Algoma Steel's stock, owning 72.00% of the company's shares, with several institutions recently acquiring new positions.

Wall Street Zen cut shares of Algoma Steel Group (NASDAQ:ASTL - Free Report) from a hold rating to a sell rating in a report released on Saturday morning.

A number of other brokerages have also weighed in on ASTL. Royal Bank Of Canada upgraded Algoma Steel Group to a "hold" rating in a research note on Tuesday, April 22nd. Stifel Canada cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th. Finally, BMO Capital Markets cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd.

Algoma Steel Group Stock Down 2.5%

Shares of Algoma Steel Group stock traded down $0.13 during trading hours on Friday, reaching $5.01. 760,347 shares of the company's stock were exchanged, compared to its average volume of 1,018,930. The company has a current ratio of 2.46, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average of $6.34 and a two-hundred day moving average of $6.37. The stock has a market cap of $525.70 million, a P/E ratio of -2.25 and a beta of 1.62. Algoma Steel Group has a fifty-two week low of $4.17 and a fifty-two week high of $12.14.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.45) by ($0.29). The firm had revenue of $433.14 million during the quarter, compared to the consensus estimate of $577.67 million. Algoma Steel Group had a negative net margin of 13.51% and a negative return on equity of 22.24%. On average, sell-side analysts forecast that Algoma Steel Group will post -0.63 EPS for the current fiscal year.

Institutional Trading of Algoma Steel Group

Large investors have recently made changes to their positions in the company. EJF Capital LLC acquired a new stake in Algoma Steel Group in the first quarter valued at approximately $60,000. Aquatic Capital Management LLC acquired a new stake in shares of Algoma Steel Group during the 4th quarter valued at $64,000. Aigen Investment Management LP acquired a new stake in shares of Algoma Steel Group during the 1st quarter valued at $69,000. Squarepoint Ops LLC acquired a new stake in shares of Algoma Steel Group during the 4th quarter valued at $114,000. Finally, Two Sigma Advisers LP acquired a new stake in shares of Algoma Steel Group during the 4th quarter valued at $117,000. Institutional investors and hedge funds own 72.00% of the company's stock.

Algoma Steel Group Company Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.