Algoma Steel Group (TSE:ASTL) Stock Rating Lowered by BMO Capital Markets

Algoma Steel Group (TSE:ASTL - Get Free Report) was downgraded by 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 prior target price of C$12.00. BMO Capital Markets' target price indicates a potential upside of 10.50% from the stock's current price.

ASTL has been the subject of several other research reports. Stifel Nicolaus cut their price target on Algoma Steel Group from C$15.25 to C$14.75 and set a "hold" rating for the company in a report on Thursday, April 17th. Royal Bank of Canada set a C$8.00 price objective on Algoma Steel Group and gave the stock a "sector perform" rating in a research note on Tuesday, April 22nd.

Algoma Steel Group Stock Up 3.3%

Shares of ASTL stock traded up C$0.23 during mid-day trading on Tuesday, hitting C$7.24. The company's stock had a trading volume of 323,441 shares, compared to its average volume of 157,595. The company has a debt-to-equity ratio of 43.70, a quick ratio of 1.51 and a current ratio of 3.31. Algoma Steel Group has a 52-week low of C$5.91 and a 52-week high of C$16.83. The stock has a market cap of C$752.02 million, a price-to-earnings ratio of -4.97 and a beta of 1.50. The business has a 50-day moving average price of C$7.31 and a 200 day moving average price of C$10.50.

Insider Activity at Algoma Steel Group

In related news, Senior Officer Michael Moraca acquired 3,800 shares of the firm's stock in a transaction on Monday, May 5th. The shares were acquired at an average cost of C$7.82 per share, for a total transaction of C$29,716.00. 7.57% of the stock is 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.