Algoma Steel Group Inc. (NASDAQ:ASTL) Shares Sold by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. has decreased its stake in Algoma Steel Group by 65.3%, now holding 50,080 shares valued at $272,000.
• Analyst ratings for Algoma Steel have shifted, with BMO Capital Markets and Stifel Canada downgrading their recommendations to "hold", while Wall Street Zen has issued a "sell" rating.
• Algoma Steel reported a significant earnings miss with an EPS of ($0.74), falling short of the consensus estimate of ($0.45).

PCJ Investment Counsel Ltd. reduced its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 65.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,080 shares of the company's stock after selling 94,350 shares during the quarter. PCJ Investment Counsel Ltd.'s holdings in Algoma Steel Group were worth $272,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC acquired a new stake in Algoma Steel Group during the fourth quarter worth about $64,000. Squarepoint Ops LLC acquired a new stake in Algoma Steel Group during the fourth quarter worth about $114,000. Two Sigma Advisers LP acquired a new stake in Algoma Steel Group during the fourth quarter worth about $117,000. XTX Topco Ltd acquired a new stake in Algoma Steel Group during the first quarter worth about $181,000. Finally, Jump Financial LLC acquired a new stake in Algoma Steel Group during the fourth quarter worth about $204,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ASTL has been the subject of several research analyst reports. Royal Bank Of Canada upgraded Algoma Steel Group to a "hold" rating in a research note on Tuesday, April 22nd. Wall Street Zen lowered Algoma Steel Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. BMO Capital Markets downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 2nd. Finally, Stifel Canada downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th.

Algoma Steel Group Trading Down 1.7%

Shares of ASTL opened at $4.72 on Friday. The company has a market capitalization of $495.29 million, a P/E ratio of -2.12 and a beta of 1.62. Algoma Steel Group Inc. has a one year low of $4.17 and a one year high of $12.14. 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 has a 50-day moving average price of $6.29 and a 200 day moving average price of $6.31.

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 analysts' consensus estimates 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%. Sell-side analysts forecast that Algoma Steel Group Inc. will post -0.63 EPS for the current fiscal year.

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.

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