Algoma Steel Group Inc. $ASTL Shares Acquired by AYAL Capital Advisors Ltd

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 boosted its position in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 30.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,242,680 shares of the company's stock after buying an additional 293,396 shares during the quarter. Algoma Steel Group makes up approximately 2.2% of AYAL Capital Advisors Ltd's portfolio, making the stock its 9th biggest position. AYAL Capital Advisors Ltd owned about 1.18% of Algoma Steel Group worth $6,735,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Woodline Partners LP raised its holdings in Algoma Steel Group by 59.2% in the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company's stock worth $27,819,000 after purchasing an additional 1,057,517 shares in the last quarter. Empyrean Capital Partners LP bought a new stake in Algoma Steel Group during the 4th quarter valued at approximately $9,017,000. Cubist Systematic Strategies LLC increased its stake in Algoma Steel Group by 1,321,815.2% in the 1st quarter. Cubist Systematic Strategies LLC now owns 436,232 shares of the company's stock worth $2,364,000 after acquiring an additional 436,199 shares during the last quarter. Solas Capital Management LLC increased its position in shares of 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. Finally, Nuveen LLC bought a new position in Algoma Steel Group in the 1st quarter valued at $1,652,000. Hedge funds and other institutional investors own 72.00% of the company's stock.

Algoma Steel Group Stock Performance

Shares of ASTL traded down $0.17 during mid-day trading on Monday, reaching $4.97. 175,007 shares of the company's stock traded hands, compared to its average volume of 1,023,250. The business's 50-day moving average price is $5.69 and its 200-day moving average price is $5.76. The stock has a market capitalization of $520.98 million, a P/E ratio of -2.22 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. Algoma Steel Group Inc. has a 12 month low of $4.17 and a 12 month high of $12.14.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wall Street Zen cut Algoma Steel Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. BMO Capital Markets cut Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 2nd. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average 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.