Algoma Steel Group (NASDAQ:ASTL) Trading 7.1% Higher - Here's Why

Key Points

• Algoma Steel Group's stock price increased by 7.1%, trading at $3.78 after closing at $3.53, with a trading volume of 1.6 million shares.
• Several analysts have downgraded the stock's rating, with a consensus rating of "Reduce" and significant losses reported, including a quarterly EPS of ($0.74) against an expected ($0.45).
• Institutional investors currently hold 72% of Algoma Steel's shares, with notable increases in holdings from firms like Charles Schwab and Campbell & CO Investment Adviser.

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) traded up 7.1% during mid-day trading on Monday . The stock traded as high as $3.88 and last traded at $3.78. 1,603,900 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 2,326,640 shares. The stock had previously closed at $3.53.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Weiss Ratings reissued a "sell (d)" rating on shares of Algoma Steel Group in a report on Wednesday, October 8th. Wall Street Zen downgraded Algoma Steel Group from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Algoma Steel Group has a consensus rating of "Reduce".

Algoma Steel Group Trading Up 7.1%

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 stock has a market capitalization of $396.64 million, a price-to-earnings ratio of -1.70 and a beta of 1.55. The firm has a 50-day moving average of $4.41 and a 200 day moving average of $5.32.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.29). Algoma Steel Group had a negative net margin of 13.51% and a negative return on equity of 22.24%. The business had revenue of $433.14 million during the quarter, compared to analyst estimates of $577.67 million. As a group, equities analysts predict that Algoma Steel Group Inc. will post -0.63 EPS for the current fiscal year.

Institutional Trading of Algoma Steel Group

Large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Algoma Steel Group by 0.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 415,143 shares of the company's stock worth $2,253,000 after acquiring an additional 3,643 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its holdings in shares of Algoma Steel Group by 21.6% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 24,435 shares of the company's stock worth $168,000 after acquiring an additional 4,346 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Algoma Steel Group in the 2nd quarter worth $32,000. TD Asset Management Inc grew its holdings in shares of Algoma Steel Group by 3.3% in the 1st quarter. TD Asset Management Inc now owns 167,884 shares of the company's stock worth $911,000 after acquiring an additional 5,325 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Algoma Steel Group by 11.3% in the second quarter. Legal & General Group Plc now owns 88,583 shares of the company's stock worth $611,000 after buying an additional 8,963 shares during the period. 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.

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