Algoma Steel Group (TSE:ASTL) Downgraded to "Market Perform" Rating by BMO Capital Markets

Algoma Steel Group (TSE:ASTL - Get Free Report) was downgraded by equities research analysts at BMO Capital Markets from an "outperform" rating to a "market perform" rating in a note issued to investors on Tuesday,BayStreet.CA reports. They currently have a C$8.00 target price on the stock, down from their previous target price of C$12.00. BMO Capital Markets' price target points to a potential downside of 0.37% from the stock's current price.

A number of other analysts have also weighed in on ASTL. Royal Bank of Canada set a C$8.00 price objective on shares of Algoma Steel Group and gave the stock a "sector perform" rating in a research note on Tuesday, April 22nd. Stifel Nicolaus lowered their price target on shares of Algoma Steel Group from C$15.25 to C$14.75 and set a "hold" rating on the stock in a report on Thursday, April 17th.

Algoma Steel Group Stock Performance

ASTL traded up C$0.78 during trading on Tuesday, reaching C$8.03. 1,040,958 shares of the company's stock were exchanged, compared to its average volume of 168,009. The company has a debt-to-equity ratio of 43.70, a current ratio of 3.31 and a quick ratio of 1.51. Algoma Steel Group has a 1 year low of C$5.91 and a 1 year high of C$16.83. The company's fifty day simple moving average is C$7.28 and its 200-day simple moving average is C$10.36. The stock has a market capitalization of C$834.08 million, a P/E ratio of -5.51 and a beta of 1.50.

Insider Buying and Selling at Algoma Steel Group

In other news, Senior Officer Michael Moraca purchased 3,800 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of C$7.82 per share, for a total transaction of C$29,716.00. 7.57% of the stock is currently owned by corporate insiders.

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.