Cubist Systematic Strategies LLC Has $2.36 Million Stock 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 grew its position in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 1,321,815.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 SEC filing.

Other hedge funds also recently modified their holdings of the company. Aigen Investment Management LP bought a new stake in shares of Algoma Steel Group in the 1st quarter worth approximately $69,000. Squarepoint Ops LLC bought a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $114,000. Two Sigma Advisers LP bought a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $117,000. XTX Topco Ltd bought a new position in shares of Algoma Steel Group during the 1st quarter worth approximately $181,000. Finally, Terril Brothers Inc. lifted its position in shares of Algoma Steel Group by 62.1% during the 1st quarter. Terril Brothers Inc. now owns 35,500 shares of the company's stock worth $192,000 after buying an additional 13,600 shares during the period. Institutional investors own 72.00% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on ASTL. Wall Street Zen downgraded Algoma Steel Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. BMO Capital Markets downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 2nd. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat, Algoma Steel Group currently has an average rating of "Hold".

Algoma Steel Group Price Performance

ASTL traded down $0.06 during trading on Friday, hitting $4.55. The company's stock had a trading volume of 1,241,036 shares, compared to its average volume of 1,013,378. The firm's 50 day moving average price is $5.46 and its two-hundred day moving average price is $5.69. The company has a quick ratio of 0.98, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. Algoma Steel Group Inc. has a 12 month low of $4.17 and a 12 month high of $12.14. The stock has a market capitalization of $477.43 million, a price-to-earnings ratio of -2.04 and a beta of 1.62.

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

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.