Algoma Steel Group (NASDAQ:ASTL) Stock Rating Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Algoma Steel Group from “sell” to “strong sell,” while other ratings remain mixed; MarketBeat reports an average consensus rating of “Reduce.”
• Algoma Steel reported a quarterly loss of $0.64 per share, missing estimates by $0.04, despite revenue of $267.5 million exceeding the $205.6 million consensus forecast.
• Shares opened at $4.26, with the company valued at approximately $450 million; institutional investors own about 72% of the stock.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other brokerages have also recently issued reports on ASTL. Zacks Research upgraded Algoma Steel Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Algoma Steel Group in a research note on Monday. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Algoma Steel Group has an average rating of "Reduce".

Algoma Steel Group Stock Up 1.7%

Shares of Algoma Steel Group stock opened at $4.26 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85. The firm has a market cap of $450.11 million, a P/E ratio of -0.58 and a beta of 1.64. Algoma Steel Group has a fifty-two week low of $3.02 and a fifty-two week high of $5.90. The business has a 50-day moving average price of $4.27 and a 200 day moving average price of $4.40.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported ($0.64) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.04). The firm had revenue of $267.50 million for the quarter, compared to the consensus estimate of $205.57 million. Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%. On average, sell-side analysts forecast that Algoma Steel Group will post -2.37 earnings per share for the current fiscal year.

Institutional Trading of Algoma Steel Group

Several hedge funds have recently made changes to their positions in the stock. Element Pointe Advisors LLC bought a new position in shares of Algoma Steel Group during the second quarter worth about $40,000. Corient Private Wealth LP bought a new stake in Algoma Steel Group in the 2nd quarter valued at about $61,000. Cibc World Market Inc. bought a new stake in Algoma Steel Group in the 2nd quarter valued at about $102,000. Clear Harbor Asset Management LLC acquired a new position in Algoma Steel Group during the 4th quarter valued at about $107,000. Finally, Hsbc Holdings PLC acquired a new position in Algoma Steel Group during the 2nd quarter valued at about $214,000. Institutional investors own 72.00% of the company's stock.

About Algoma Steel Group

Algoma Steel Group Inc is a Canadian steel producer headquartered in Sault Ste. Marie, Ontario. Through its operating subsidiary, Algoma Steel Inc, the company manufactures steel products for customers in the automotive, construction, manufacturing, energy and transportation industries.

Algoma's product portfolio includes hot- and cold-rolled steel sheet, galvanized steel, plate and other specialized steel products. Its products are used in applications such as vehicle components, heavy equipment, industrial machinery, structural construction and infrastructure projects.

The company traces its history to the establishment of Algoma Steel in Sault Ste.

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