1,518,714 Shares in Algoma Steel Group Inc. $ASTL Acquired by Littlejohn & Co. LLC

Key Points

• Littlejohn & Co. LLC acquired 1,518,714 Algoma Steel shares worth approximately $6.15 million, giving it a 1.44% stake. Institutional investors collectively own 72% of ASTL.
• Analyst sentiment remains cautious: ASTL has a consensus rating of “Reduce”, with three Hold ratings and one Sell rating despite some recent upgrades from Strong Sell.
• Algoma reported a quarterly loss of $0.64 per share, missing estimates by $0.04, while revenue exceeded forecasts at $267.5 million. Shares recently traded near $4.18, and analysts expect a full-year loss of $2.37 per share.

Littlejohn & Co. LLC bought a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,518,714 shares of the company's stock, valued at approximately $6,150,792. Algoma Steel Group comprises 0.0% of Littlejohn & Co. LLC's investment portfolio, making the stock its 5th largest holding. Littlejohn & Co. LLC owned about 1.44% of Algoma Steel Group as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ASTL. Raymond James Financial Inc. bought a new position in Algoma Steel Group during the 2nd quarter worth $32,000. Element Pointe Advisors LLC purchased a new position in Algoma Steel Group during the second quarter valued at $40,000. Corient Private Wealth LP bought a new position in Algoma Steel Group during the 2nd quarter valued at about $61,000. Federation des caisses Desjardins du Quebec increased its position in Algoma Steel Group by 101.6% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company's stock valued at $73,000 after buying an additional 9,000 shares in the last quarter. Finally, FIL Ltd purchased a new stake in Algoma Steel Group in the 4th quarter worth $85,000. 72.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ASTL shares. Royal Bank Of Canada restated a "sector perform" rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of Algoma Steel Group in a research report on Wednesday, June 24th. Wall Street Zen upgraded Algoma Steel Group from a "strong sell" rating to a "sell" rating in a report on Saturday, August 1st. Finally, 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. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce".

Algoma Steel Group Stock Performance

Shares of NASDAQ:ASTL traded down $0.11 during trading hours on Friday, hitting $4.18. The stock had a trading volume of 1,039,261 shares, compared to its average volume of 1,320,623. The stock's fifty day simple moving average is $4.09 and its 200 day simple 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. The firm has a market capitalization of $441.66 million, a price-to-earnings ratio of -0.57 and a beta of 1.64. Algoma Steel Group Inc. has a 1-year low of $3.02 and a 1-year high of $5.90.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.04). The business had revenue of $267.50 million during the quarter, compared to the consensus estimate of $205.57 million. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. Sell-side analysts anticipate 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.