Algoma Steel Group (TSE:ASTL) Shares Down 14.9% Following Analyst Downgrade

Key Points

• Algoma Steel Group's stock price fell 14.9% following an analyst downgrade, with Stifel Nicolaus reducing the target price from C$13.00 to C$10.75.
• Other firms, including Royal Bank of Canada and BMO Capital Markets, have also lowered their target prices significantly, with a consensus rating of "Hold" and an average target price of C$8.92.
• The company currently has a market cap of C$513.13 million, a PE ratio of -3.37, and a substantial debt-to-equity ratio of 43.70.

Algoma Steel Group Inc. (TSE:ASTL - Get Free Report)'s stock price traded down 14.9% on Tuesday after Stifel Nicolaus lowered their price target on the stock from C$13.00 to C$10.75. The stock traded as low as C$4.77 and last traded at C$4.84. 1,763,102 shares changed hands during trading, an increase of 444% from the average session volume of 324,177 shares. The stock had previously closed at C$5.69.

Several other research firms have also issued reports on ASTL. Royal Bank Of Canada lowered their target price on shares of Algoma Steel Group from C$10.00 to C$8.00 and set a "sector perform" rating for the company in a report on Thursday, July 31st. BMO Capital Markets lowered Algoma Steel Group from an "outperform" rating to a "market perform" rating and dropped their target price for the company from C$12.00 to C$8.00 in a research report on Tuesday, June 3rd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of C$8.92.

Algoma Steel Group Stock Down 14.1%

The stock has a market cap of C$513.13 million, a PE ratio of -3.37 and a beta of 2.07. The business has a fifty day moving average of C$6.74 and a 200-day moving average of C$7.63. The company has a debt-to-equity ratio of 43.70, a current ratio of 3.31 and a quick ratio of 1.51.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian company that produces clean and consistent light gauge steel in North America, offering a range of hot and cold rolled steel sheet and plate products. The firm operates in a single segment of basic steel production. Geographically it serves Canada, the United States and the rest of the world, whilst driving key revenue from domestic sales.

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