AYAL Capital Advisors Ltd Buys 293,396 Shares of Algoma Steel Group Inc. $ASTL

Key Points

• AYAL Capital Advisors Ltd has increased its stake in Algoma Steel Group Inc. by 30.9%, acquiring an additional 293,396 shares in the first quarter, bringing their total to 1,242,680 shares.
• Algoma Steel reported a loss of ($0.74) earnings per share last quarter, significantly missing the consensus estimate of ($0.45) and resulting in a negative net margin of 13.51%.
• Recent analyst ratings have downgraded Algoma Steel, with BMO Capital Markets changing its rating from "strong-buy" to "hold", and Wall Street Zen from "hold" to "sell", reflecting a consensus rating of "Hold".

AYAL Capital Advisors Ltd lifted its position in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 30.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,242,680 shares of the company's stock after buying an additional 293,396 shares during the quarter. Algoma Steel Group comprises approximately 2.2% of AYAL Capital Advisors Ltd's holdings, making the stock its 9th largest position. AYAL Capital Advisors Ltd owned 1.18% of Algoma Steel Group worth $6,735,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Donald Smith & CO. Inc. raised its stake in Algoma Steel Group by 0.3% during the 1st quarter. Donald Smith & CO. Inc. now owns 8,088,120 shares of the company's stock valued at $43,838,000 after purchasing an additional 20,517 shares during the last quarter. MMCAP International Inc. SPC raised its stake in Algoma Steel Group by 0.3% during the 1st quarter. MMCAP International Inc. SPC now owns 6,641,417 shares of the company's stock valued at $35,996,000 after purchasing an additional 21,414 shares during the last quarter. Woodline Partners LP raised its stake in Algoma Steel Group by 59.2% during the 4th quarter. Woodline Partners LP now owns 2,844,439 shares of the company's stock valued at $27,819,000 after purchasing an additional 1,057,517 shares during the last quarter. Intact Investment Management Inc. raised its stake in Algoma Steel Group by 24.6% during the 1st quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company's stock valued at $7,945,000 after purchasing an additional 288,861 shares during the last quarter. Finally, Solas Capital Management LLC raised its stake in Algoma Steel Group by 37.7% during the 1st quarter. Solas Capital Management LLC now owns 1,460,646 shares of the company's stock valued at $7,917,000 after purchasing an additional 400,000 shares during the last quarter. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Stock Performance

Algoma Steel Group stock traded up $0.15 on Friday, hitting $5.13. The company's stock had a trading volume of 1,486,542 shares, compared to its average volume of 1,050,941. The firm has a market cap of $538.29 million, a P/E ratio of -2.30 and a beta of 1.62. The company has a quick ratio of 0.98, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average price of $5.69 and a 200-day moving average price of $5.77. Algoma Steel Group Inc. has a one year low of $4.17 and a one year high of $12.14.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.45) by ($0.29). Algoma Steel Group had a negative return on equity of 22.24% and a negative net margin of 13.51%.The firm had revenue of $433.14 million during the quarter, compared to the consensus estimate of $577.67 million. On average, equities analysts anticipate that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on ASTL shares. Wall Street Zen cut shares of Algoma Steel Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. BMO Capital Markets cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 2nd. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of "Hold".

Algoma Steel Group Company Profile

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.