Bank of America Corp DE Sells 459,964 Shares of Algoma Steel Group Inc. $ASTL

Key Points

• Bank of America cut its Algoma Steel stake by 88.1% in the first quarter, selling 459,964 shares and retaining 62,393 shares valued at approximately $258,000.
• Other institutional investors increased their positions substantially, and hedge funds and institutions collectively own about 72% of ASTL.
• Algoma Steel reported a quarterly loss of $0.64 per share, missing estimates, while analysts maintain a cautious outlook with a consensus rating of “Reduce”.

Bank of America Corp DE lowered its stake in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 88.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,393 shares of the company's stock after selling 459,964 shares during the quarter. Bank of America Corp DE owned about 0.06% of Algoma Steel Group worth $258,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Maple Rock Capital Partners Inc. increased its position in Algoma Steel Group by 38.3% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company's stock valued at $59,166,000 after acquiring an additional 4,000,000 shares during the last quarter. MMCAP International Inc. SPC grew its holdings in Algoma Steel Group by 42.2% during the 4th quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company's stock worth $47,111,000 after acquiring an additional 3,409,033 shares in the last quarter. Littlejohn & Co. LLC boosted its stake in shares of Algoma Steel Group by 27.9% during the fourth quarter. Littlejohn & Co. LLC now owns 3,446,503 shares of the company's stock valued at $14,131,000 after purchasing an additional 752,616 shares in the last quarter. TD Asset Management Inc boosted its position in Algoma Steel Group by 1,351.7% during the 4th quarter. TD Asset Management Inc now owns 1,687,420 shares of the company's stock valued at $6,955,000 after acquiring an additional 1,571,184 shares in the last quarter. Finally, Quadrature Capital Ltd grew its stake in Algoma Steel Group by 14,366.4% in the third quarter. Quadrature Capital Ltd now owns 1,529,100 shares of the company's stock valued at $5,439,000 after purchasing an additional 1,518,530 shares during the last quarter. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Price Performance

Shares of NASDAQ:ASTL opened at $4.26 on Friday. The company has a 50-day simple moving average of $4.15 and a 200-day simple moving average of $4.43. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.35 and a current ratio of 2.49. The stock has a market capitalization of $450.11 million, a price-to-earnings ratio of -0.58 and a beta of 1.64. Algoma Steel Group Inc. has a one year low of $3.02 and a one year high of $5.90.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The firm had revenue of $267.50 million during the quarter, compared to analysts' expectations of $205.57 million. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. On average, analysts predict that Algoma Steel Group Inc. will post -2.37 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on ASTL. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of Algoma Steel Group from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 1st. Finally, Zacks Research raised shares of Algoma Steel Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 9th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Reduce".

About Algoma Steel Group

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.

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