Wall Street Zen Upgrades Algoma Steel Group (NASDAQ:ASTL) to "Hold"

Key Points

• Wall Street Zen upgraded Algoma Steel Group from “strong sell” to “hold,” though the broader analyst consensus remains “Reduce,” with three Hold ratings and one Sell rating.
• Algoma reported a quarterly loss of $0.84 per share, missing the $0.49 consensus estimate, despite revenue of $175.15 million exceeding expectations.
• Institutional investors own approximately 72% of the stock, while ASTL shares recently traded at $4.77, between their 52-week low of $3.16 and high of $5.90.

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

Several other research analysts also recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Algoma Steel Group in a research note on Monday, September 21st. Royal Bank Of Canada restated a "sector perform" rating on shares of Algoma Steel Group in a research report on Monday, September 28th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Reduce".

Algoma Steel Group Stock Performance

Shares of ASTL opened at $4.77 on Friday. The business has a fifty day moving average of $4.35 and a 200 day moving average of $4.43. Algoma Steel Group has a one year low of $3.16 and a one year high of $5.90. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The company reported ($0.84) EPS for the quarter, missing the consensus estimate of ($0.49) by ($0.35). Algoma Steel Group had a negative net margin of 59.04% and a negative return on equity of 186.12%. The business had revenue of $175.15 million for the quarter, compared to analysts' expectations of $161.15 million. As a group, sell-side analysts anticipate that Algoma Steel Group will post -2.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Algoma Steel Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Citadel Advisors LLC lifted its position in Algoma Steel Group by 229.5% in the second quarter. Citadel Advisors LLC now owns 845,935 shares of the company's stock worth $3,426,000 after buying an additional 589,192 shares during the last quarter. Littlejohn & Co. LLC purchased a new stake in shares of Algoma Steel Group during the second quarter valued at $6,150,792. LM Asset Management Inc. bought a new position in shares of Algoma Steel Group in the second quarter worth about $4,114,800. BlackRock Inc. bought a new position in Algoma Steel Group in the 2nd quarter worth about $16,780,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Algoma Steel Group during the second quarter valued at approximately $5,648,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

About Algoma Steel Group

Algoma Steel Group Inc is an integrated steel producer headquartered in Sault Ste. Marie, Ontario, Canada. Through its steelmaking and finishing operations, the company produces a range of steel products for customers primarily in Canada and the United States.

Algoma's product portfolio includes hot- and cold-rolled steel sheet, galvanized steel and steel plate. Its products are used in sectors such as automotive manufacturing, construction, energy, transportation, industrial equipment and general manufacturing.

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