Citadel Advisors LLC Purchases 589,192 Shares of Algoma Steel Group Inc. $ASTL

Key Points

• Citadel Advisors increased its Algoma Steel stake by 229.5% in the second quarter, purchasing 589,192 shares for a total position of 845,935 shares, or 0.80% of the company. Institutional investors collectively own 72% of ASTL.
• Other major investors also expanded or initiated positions, including Donald Smith & Co., BlackRock, Maple Rock Capital Partners, MMCAP International and TD Asset Management.
• Analyst sentiment remains cautious, with three Hold ratings and one Sell rating producing a consensus “Reduce” recommendation. Algoma Steel also reported a quarterly EPS loss of $0.64, missing estimates, despite revenue of $267.5 million exceeding forecasts.

Citadel Advisors LLC raised its position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 229.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 845,935 shares of the company's stock after purchasing an additional 589,192 shares during the quarter. Citadel Advisors LLC owned 0.80% of Algoma Steel Group worth $3,426,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ASTL. Donald Smith & CO. Inc. purchased a new stake in shares of Algoma Steel Group in the second quarter worth $21,374,000. BlackRock Inc. purchased a new position in shares of Algoma Steel Group during the 2nd quarter valued at $16,780,000. Maple Rock Capital Partners Inc. lifted its stake in shares of Algoma Steel Group by 38.3% during the 4th quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company's stock valued at $59,166,000 after buying an additional 4,000,000 shares in the last quarter. MMCAP International Inc. SPC boosted its holdings in Algoma Steel Group by 42.2% in the 4th quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company's stock worth $47,111,000 after buying an additional 3,409,033 shares during the period. Finally, TD Asset Management Inc increased its stake in Algoma Steel Group by 1,351.7% in the 4th quarter. TD Asset Management Inc now owns 1,687,420 shares of the company's stock worth $6,955,000 after buying an additional 1,571,184 shares in the last quarter. 72.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on ASTL. Zacks Research raised Algoma Steel Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 9th. Wall Street Zen raised Algoma Steel Group from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada reissued a "sector perform" rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Algoma Steel Group presently has a consensus rating of "Reduce".

Algoma Steel Group Price Performance

ASTL opened at $4.71 on Tuesday. The company has a market capitalization of $497.66 million, a PE ratio of -0.64 and a beta of 1.64. The firm has a 50-day simple moving average of $4.11 and a two-hundred day simple moving average of $4.44. 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 52 week low of $3.02 and a 52 week 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 (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.04). Algoma Steel Group had a negative return on equity of 110.49% and a negative net margin of 71.60%.The firm had revenue of $267.50 million during the quarter, compared to the consensus estimate of $205.57 million. Analysts forecast that Algoma Steel Group Inc. will post -2.37 earnings per share for the current fiscal year.

Algoma Steel Group Company Profile

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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