Cubist Systematic Strategies LLC Raises Position in Algoma Steel Group Inc. $ASTL

Key Points

• Cubist Systematic Strategies LLC significantly increased its position in Algoma Steel Group by 1,321,815.2%, now owning 436,232 shares valued at approximately $2.36 million.
• Algoma Steel Group reported a quarterly loss of ($0.74) earnings per share, which was below analyst expectations and also experienced revenue of $433.14 million, falling short of the anticipated $577.67 million.
• Currently, 72% of Algoma Steel's stock is held by institutional investors, indicating strong interest from major financial entities.

Cubist Systematic Strategies LLC boosted its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 1,321,815.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 436,232 shares of the company's stock after acquiring an additional 436,199 shares during the quarter. Cubist Systematic Strategies LLC owned 0.42% of Algoma Steel Group worth $2,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ASTL. Dimensional Fund Advisors LP lifted its holdings in Algoma Steel Group by 62.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 440,360 shares of the company's stock worth $4,306,000 after buying an additional 169,765 shares during the period. BNP Paribas Financial Markets purchased a new stake in Algoma Steel Group in the fourth quarter worth $391,000. Bank of America Corp DE boosted its holdings in Algoma Steel Group by 97.7% in the fourth quarter. Bank of America Corp DE now owns 125,417 shares of the company's stock valued at $1,227,000 after acquiring an additional 61,979 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in Algoma Steel Group during the 4th quarter valued at $1,643,000. Finally, J. Goldman & Co LP raised its holdings in Algoma Steel Group by 1.5% in the 4th quarter. J. Goldman & Co LP now owns 1,226,375 shares of the company's stock worth $11,994,000 after purchasing an additional 17,802 shares in the last quarter. 72.00% of the stock is currently owned by institutional investors.

Algoma Steel Group Price Performance

ASTL stock opened at $5.13 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 2.46. The firm has a 50 day moving average price of $5.69 and a 200-day moving average price of $5.77. Algoma Steel Group Inc. has a 52-week low of $4.17 and a 52-week high of $12.14. The firm has a market capitalization of $538.29 million, a price-to-earnings ratio of -2.30 and a beta of 1.62.

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

Analyst Ratings Changes

Several analysts have commented on the stock. BMO Capital Markets lowered shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd. Wall Street Zen cut Algoma Steel Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, Algoma Steel Group presently has a consensus rating of "Hold".

Algoma Steel Group 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.

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