BlackRock Inc. purchased a new position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,143,265 shares of the company's stock, valued at approximately $16,780,000. BlackRock Inc. owned approximately 3.92% of Algoma Steel Group as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Algoma Steel Group during the second quarter valued at approximately $32,000. Element Pointe Advisors LLC purchased a new position in Algoma Steel Group in the 4th quarter valued at about $41,000. Federation des caisses Desjardins du Quebec boosted its position in Algoma Steel Group by 101.6% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company's stock valued at $73,000 after buying an additional 9,000 shares during the last quarter. FIL Ltd acquired a new stake in shares of Algoma Steel Group during the fourth quarter valued at about $85,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Algoma Steel Group during the second quarter valued at about $146,000. Hedge funds and other institutional investors own 72.00% of the company's stock.
Algoma Steel Group Price Performance
Shares of NASDAQ:ASTL opened at $4.45 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85. Algoma Steel Group Inc. has a fifty-two week low of $3.02 and a fifty-two week high of $5.90. The firm has a 50-day simple moving average of $4.09 and a 200 day simple moving average of $4.44. The company has a market cap of $470.19 million, a PE ratio of -0.61 and a beta of 1.64.
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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.04). The business had revenue of $267.50 million during the quarter, compared to the consensus estimate of $205.57 million. Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%. On average, sell-side analysts anticipate that Algoma Steel Group Inc. will post -2.37 EPS for the current year.
Analyst Ratings Changes
Several research analysts recently commented on ASTL shares. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Algoma Steel Group in a research note on Thursday, May 14th. Zacks Research raised Algoma Steel Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 9th. Wall Street Zen upgraded Algoma Steel Group from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Algoma Steel Group has a consensus rating of "Reduce".
View Our Latest Stock Report on ASTL
Algoma Steel Group Profile
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Free Report)
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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