Nuveen LLC Makes New $1.65 Million Investment in Algoma Steel Group Inc. $ASTL

Key Points

• Nuveen LLC has invested approximately $1.65 million in Algoma Steel Group Inc., acquiring around 304,734 shares, which represents 0.29% of the company.
• Algoma Steel reported a loss of $0.74 EPS in its recent quarterly earnings, missing estimates, with revenue significantly below projections.
• Recent analyst ratings for Algoma Steel have been mixed, with BMO Capital Markets downgrading to "hold" and Wall Street Zen advising a "sell" rating, reflecting cautious sentiment around the stock.

Nuveen LLC acquired a new stake in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 304,734 shares of the company's stock, valued at approximately $1,652,000. Nuveen LLC owned approximately 0.29% of Algoma Steel Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ASTL. Charles Schwab Investment Management Inc. lifted its position in shares of Algoma Steel Group by 0.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 415,143 shares of the company's stock worth $2,253,000 after purchasing an additional 3,643 shares in the last quarter. TD Asset Management Inc lifted its position in Algoma Steel Group by 3.3% during the 1st quarter. TD Asset Management Inc now owns 167,884 shares of the company's stock worth $911,000 after buying an additional 5,325 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in Algoma Steel Group during the 4th quarter worth about $64,000. Two Sigma Investments LP increased its position in shares of Algoma Steel Group by 41.8% in the fourth quarter. Two Sigma Investments LP now owns 36,600 shares of the company's stock valued at $358,000 after acquiring an additional 10,781 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in Algoma Steel Group during the fourth quarter worth about $114,000. 72.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Algoma Steel Group Price Performance

Algoma Steel Group stock traded down $0.02 during mid-day trading on Wednesday, reaching $4.82. 368,980 shares of the company were exchanged, compared to its average volume of 1,020,592. The firm has a market cap of $505.24 million, a PE ratio of -2.15 and a beta of 1.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.46 and a quick ratio of 0.98. The company has a fifty day simple moving average of $5.79 and a 200-day simple moving average of $5.83. Algoma Steel Group Inc. has a 12 month low of $4.17 and a 12 month high of $12.14.

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

Algoma Steel Group Company 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.