What is Cormark's Forecast for ASTL FY2025 Earnings?

Key Points

• Cormark has significantly revised down its FY2025 earnings estimates for Algoma Steel Group, projecting a loss of ($2.04) per share compared to a previous estimate of ($1.40).
• Algoma Steel's stock has dropped 3.9%, with the company reporting a quarterly loss of ($0.74) per share, falling short of the consensus estimate of ($0.45).
• Multiple research firms have downgraded Algoma Steel Group's stock ratings recently, with Wall Street Zen moving it from a "hold" to a "sell" rating.

Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) - Analysts at Cormark cut their FY2025 earnings estimates for shares of Algoma Steel Group in a research report issued on Thursday, July 31st. Cormark analyst D. Ocampo now anticipates that the company will post earnings per share of ($2.04) for the year, down from their prior estimate of ($1.40). The consensus estimate for Algoma Steel Group's current full-year earnings is ($0.63) per share.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets downgraded shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 2nd. Stifel Canada downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Wall Street Zen cut Algoma Steel Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Finally, Royal Bank Of Canada upgraded Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd.

Algoma Steel Group Price Performance

ASTL stock traded down $0.12 during midday trading on Monday, hitting $4.69. 396,387 shares of the stock were exchanged, compared to its average volume of 1,012,216. Algoma Steel Group has a fifty-two week low of $4.17 and a fifty-two week high of $12.14. The stock has a market cap of $491.60 million, a price-to-earnings ratio of -2.10 and a beta of 1.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 2.46. The stock's 50-day moving average price is $6.32 and its 200-day moving average price is $6.34.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.45) by ($0.29). The business had revenue of $433.14 million during the quarter, compared to analysts' expectations of $577.67 million. Algoma Steel Group had a negative net margin of 13.51% and a negative return on equity of 22.24%.

Institutional Trading of Algoma Steel Group

A number of large investors have recently added to or reduced their stakes in ASTL. EJF Capital LLC bought a new position in shares of Algoma Steel Group in the first quarter worth $60,000. Aquatic Capital Management LLC acquired a new position in shares of Algoma Steel Group in the fourth quarter worth approximately $64,000. Aigen Investment Management LP bought a new stake in Algoma Steel Group in the first quarter valued at approximately $69,000. Squarepoint Ops LLC bought a new stake in shares of Algoma Steel Group in the 4th quarter valued at $114,000. Finally, Two Sigma Advisers LP acquired a new position in Algoma Steel Group in the fourth quarter valued at $117,000. Institutional investors and hedge funds own 72.00% of the company's stock.

About Algoma Steel Group

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.