Algoma Steel Group (NASDAQ:ASTL) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Algoma Steel from “strong sell” to “sell,” but the broader analyst consensus remains “Reduce,” with three Hold ratings and one Sell rating.
• Algoma Steel reported a quarterly loss of $0.64 per share, missing estimates by $0.04, despite revenue of $267.5 million exceeding expectations; analysts forecast a full-year loss of $2.19 per share.
• ASTL opened at $3.85, below its 50-day and 200-day moving averages, while institutional investors own approximately 72% of the company’s stock.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a note issued to investors on Saturday.

ASTL has been the topic of several other research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Algoma Steel Group in a report on Wednesday, June 24th. Royal Bank Of Canada restated a "sector perform" rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Finally, Zacks Research raised shares of Algoma Steel Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 9th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Algoma Steel Group has a consensus rating of "Reduce".

Algoma Steel Group Stock Performance

Shares of ASTL opened at $3.85 on Friday. 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 stock has a 50-day moving average of $4.39 and a two-hundred day moving average of $4.48. The stock has a market cap of $406.79 million, a P/E ratio of -0.52 and a beta of 1.64. Algoma Steel Group has a one year low of $3.02 and a one year high of $5.90.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Algoma Steel Group had a negative return on equity of 97.15% and a negative net margin of 71.60%.The firm had revenue of $267.50 million during the quarter, compared to analysts' expectations of $205.57 million. As a group, research analysts predict that Algoma Steel Group will post -2.19 EPS for the current year.

Hedge Funds Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently made changes to their positions in ASTL. Raymond James Financial Inc. purchased a new stake in shares of Algoma Steel Group during the second quarter worth approximately $32,000. Element Pointe Advisors LLC acquired a new stake in Algoma Steel Group during the 4th quarter worth $41,000. Federation des caisses Desjardins du Quebec grew its holdings in shares of Algoma Steel Group by 101.6% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company's stock worth $73,000 after buying an additional 9,000 shares in the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of Algoma Steel Group in the third quarter valued at about $79,000. Finally, FIL Ltd acquired a new stake in shares of Algoma Steel Group in the fourth quarter valued at about $85,000. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.