Algoma Steel Group (TSE:ASTL) Given New C$5.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada lowered Algoma Steel Group’s price target from C$6.00 to C$5.00 while maintaining a “sector perform” rating; BMO Capital Markets also reduced its target to C$6.00 with a “market perform” rating.
• Analyst sentiment remains cautious, with one Buy rating and three Holds, resulting in a consensus “Hold” rating and C$7.12 price target.
• Algoma reported a quarterly loss of C$0.88 per share on C$267.5 million in revenue, alongside negative profitability metrics; shares recently traded at C$5.39, down substantially from their 52-week high of C$8.16.

Algoma Steel Group (TSE:ASTL - Get Free Report) had its target price cut by investment analysts at Royal Bank Of Canada from C$6.00 to C$5.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price points to a potential downside of 7.24% from the company's current price.

Separately, BMO Capital Markets cut their price objective on Algoma Steel Group from C$7.00 to C$6.00 and set a "market perform" rating on the stock in a research report on Friday. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of C$7.12.

Algoma Steel Group Trading Up 0.7%

Shares of TSE:ASTL traded up C$0.04 during trading hours on Friday, hitting C$5.39. 672,805 shares of the company's stock traded hands, compared to its average volume of 623,023. Algoma Steel Group has a 1 year low of C$4.20 and a 1 year high of C$8.16. The business has a fifty day moving average price of C$6.20 and a 200-day moving average price of C$6.20. The firm has a market capitalization of C$568.05 million, a P/E ratio of -0.52 and a beta of 1.77. The company has a debt-to-equity ratio of 175.52, a current ratio of 2.18 and a quick ratio of 1.50.

Algoma Steel Group (TSE:ASTL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C($0.88) earnings per share for the quarter. Algoma Steel Group had a negative return on equity of 125.08% and a negative net margin of 47.22%.The business had revenue of C$267.50 million during the quarter. Equities analysts expect that Algoma Steel Group will post 1.4795699 earnings per share for the current year.

About Algoma Steel Group

Based in Sault Ste. Marie, Ontario, Algoma is a leading Canadian producer of high-quality plate and sheet steel products, proudly supporting critical sectors including energy, defence, automotive, shipbuilding, and infrastructure. Guided by a purpose to build better lives and a greener future, Algoma is shaping the next generation of sustainable steelmaking in Canada. With the transition to electric arc furnace (EAF) steelmaking and a modernized plate mill, Algoma is redefining how steel is made in Canada.

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.