Connor Clark & Lunn Investment Management Ltd. bought a new position in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,387,320 shares of the company's stock, valued at approximately $5,648,000. Connor Clark & Lunn Investment Management Ltd. owned 1.31% of Algoma Steel Group at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in ASTL. LPL Financial LLC raised its stake in shares of Algoma Steel Group by 5.6% in the 4th quarter. LPL Financial LLC now owns 62,194 shares of the company's stock valued at $255,000 after purchasing an additional 3,300 shares during the period. NewEdge Advisors LLC boosted its position in shares of Algoma Steel Group by 13.7% during the third quarter. NewEdge Advisors LLC now owns 28,299 shares of the company's stock worth $101,000 after buying an additional 3,400 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Algoma Steel Group during the second quarter worth about $32,000. Mackenzie Financial Corp grew its holdings in shares of Algoma Steel Group by 12.6% during the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company's stock worth $193,000 after buying an additional 6,086 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Algoma Steel Group by 11.3% during the second quarter. Legal & General Group Plc now owns 88,583 shares of the company's stock worth $611,000 after buying an additional 8,963 shares in the last quarter. Institutional investors own 72.00% of the company's stock.
Algoma Steel Group Stock Up 3.1%
Shares of ASTL stock opened at $4.29 on Friday. Algoma Steel Group Inc. has a 52-week low of $3.02 and a 52-week high of $5.90. The stock has a market cap of $453.29 million, a price-to-earnings ratio of -0.58 and a beta of 1.64. The firm's 50-day moving average is $4.09 and its 200-day moving average is $4.46. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.35 and a current ratio of 2.49.
Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.04). The business had revenue of $267.50 million for 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%. Sell-side analysts predict that Algoma Steel Group Inc. will post -2.37 EPS for the current year.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. 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. Wall Street Zen upgraded shares of Algoma Steel Group from a "strong sell" rating to a "sell" rating in a report on Saturday, August 1st. Finally, Royal Bank Of Canada restated a "sector perform" rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce".
View Our Latest Report on ASTL
Algoma Steel Group Company Profile
(
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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