Algoma Steel Group (NASDAQ:ASTL) Posts Quarterly Earnings Results, Misses Expectations By $0.36 EPS

Key Points

• Algoma Steel Group reported a quarterly earnings loss of ($0.74) EPS, missing analyst expectations by $0.36.
• The company's stock price dropped to $5.85 following the earnings announcement, with a significant trading volume of over 1.3 million shares.
• Goldman Sachs increased its stake in Algoma Steel by 10.7%, indicating ongoing institutional interest despite the earnings miss.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) released its earnings results on Tuesday. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.36), Zacks reports. Algoma Steel Group had a negative net margin of 8.15% and a negative return on equity of 12.98%.

Algoma Steel Group Stock Performance

NASDAQ:ASTL traded down $0.27 during mid-day trading on Tuesday, hitting $5.85. The stock had a trading volume of 1,319,227 shares, compared to its average volume of 999,375. The company has a 50 day simple moving average of $6.33 and a 200-day simple moving average of $6.45. The stock has a market capitalization of $613.84 million, a price-to-earnings ratio of -3.80 and a beta of 1.65. Algoma Steel Group has a 52 week low of $4.17 and a 52 week high of $12.14. The company has a current ratio of 3.10, a quick ratio of 1.47 and a debt-to-equity ratio of 0.42.

Institutional Trading of Algoma Steel Group

An institutional investor recently raised its position in Algoma Steel Group stock. Goldman Sachs Group Inc. boosted its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 10.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 245,528 shares of the company's stock after purchasing an additional 23,659 shares during the period. Goldman Sachs Group Inc. owned about 0.23% of Algoma Steel Group worth $1,331,000 at the end of the most recent reporting period. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ASTL has been the topic of a number of research reports. BMO Capital Markets lowered shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 2nd. Stifel Canada cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Finally, Royal Bank Of Canada upgraded shares of Algoma Steel Group to a "hold" rating in a research report on Tuesday, April 22nd.

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.

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