JB Capital Partners LP Invests $3.53 Million in Algoma Steel Group Inc. $ASTL

JB Capital Partners LP acquired a new stake in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 872,277 shares of the company's stock, valued at approximately $3,532,722. Algoma Steel Group accounts for approximately 0.0% of JB Capital Partners LP's holdings, making the stock its 26th largest position. JB Capital Partners LP owned about 0.83% of Algoma Steel Group as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in ASTL. Donald Smith & CO. Inc. acquired a new position in shares of Algoma Steel Group in the second quarter worth $21,374,000. LM Asset Management Inc. bought a new position in Algoma Steel Group during the 2nd quarter worth $4,114,800. Element Pointe Advisors LLC acquired a new stake in shares of Algoma Steel Group during the 2nd quarter valued at $40,000. BlackRock Inc. acquired a new position in shares of Algoma Steel Group during the 2nd quarter valued at about $16,780,000. Finally, GSA Capital Partners LLP bought a new stake in Algoma Steel Group in the second quarter valued at $269,000. Institutional investors and hedge funds own 72.00% of the company's stock.

Algoma Steel Group Trading Down 1.9%

NASDAQ ASTL traded down $0.08 during trading hours on Friday, reaching $4.21. The company's stock had a trading volume of 515,373 shares, compared to its average volume of 1,317,418. The stock has a market cap of $444.83 million, a P/E ratio of -0.57 and a beta of 1.64. The company has a debt-to-equity ratio of 2.85, a current ratio of 2.49 and a quick ratio of 1.35. Algoma Steel Group Inc. has a 52 week low of $3.02 and a 52 week high of $5.90. The firm has a fifty day simple moving average of $4.09 and a 200-day simple moving average of $4.46.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.64) earnings per share 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 business had revenue of $267.50 million during the quarter, compared to the consensus estimate of $205.57 million. Equities analysts forecast that Algoma Steel Group Inc. will post -2.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ASTL shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. 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. Finally, Wall Street Zen raised Algoma Steel Group from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 1st. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce".

Algoma Steel Group 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.