Algoma Steel Group (NASDAQ:ASTL) Issues Quarterly Earnings Results, Misses Estimates By $0.29 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) issued its earnings results on Tuesday. The company reported ($0.74) earnings per share for the quarter, missing analysts' consensus estimates of ($0.45) by ($0.29), Zacks reports. The firm had revenue of $433.14 million for 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%.

Algoma Steel Group Stock Down 3.9%

Shares of NASDAQ:ASTL traded down $0.21 on Friday, reaching $5.14. The company had a trading volume of 1,547,534 shares, compared to its average volume of 952,828. Algoma Steel Group has a 52-week low of $4.17 and a 52-week high of $12.14. The firm's 50 day simple moving average is $6.34 and its 200-day simple moving average is $6.40. The firm has a market capitalization of $539.36 million, a PE ratio of -2.30 and a beta of 1.65. The company has a current ratio of 2.46, a quick ratio of 1.47 and a debt-to-equity ratio of 0.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ASTL shares. BMO Capital Markets lowered Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 2nd. Stifel Canada lowered Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th. Wall Street Zen lowered Algoma Steel Group from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Royal Bank Of Canada raised Algoma Steel Group to a "hold" rating in a research report on Tuesday, April 22nd.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Algoma Steel Group stock. Goldman Sachs Group Inc. grew its stake in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 10.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 245,528 shares of the company's stock after acquiring an additional 23,659 shares during the quarter. Goldman Sachs Group Inc. owned about 0.23% of Algoma Steel Group worth $1,331,000 at the end of the most recent quarter. 72.00% of the stock is currently owned by institutional investors and hedge funds.

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.