Robotti Robert Cuts Position in Algoma Steel Group Inc. $ASTL

Key Points

• Robotti Robert sold 60,000 shares of Algoma Steel Group Inc., reducing its stake by 40%, leaving it with 90,000 shares valued at $488,000.
• Several institutional investors, including Donald Smith & CO. Inc. and MMCAP International Inc. SPC, have increased their stakes in Algoma Steel Group during the first quarter.
• Algoma Steel reported a $0.74 loss per share in its latest earnings, missing analysts' expectations, and had negative margins with a market cap of $493.17 million.

Robotti Robert trimmed its position in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 40.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 90,000 shares of the company's stock after selling 60,000 shares during the period. Robotti Robert owned about 0.09% of Algoma Steel Group worth $488,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ASTL. Woodline Partners LP boosted its holdings in Algoma Steel Group by 59.2% in the 4th quarter. Woodline Partners LP now owns 2,844,439 shares of the company's stock worth $27,819,000 after buying an additional 1,057,517 shares during the last quarter. Empyrean Capital Partners LP acquired a new stake in Algoma Steel Group in the 4th quarter worth about $9,017,000. AYAL Capital Advisors Ltd boosted its holdings in Algoma Steel Group by 55.0% in the 4th quarter. AYAL Capital Advisors Ltd now owns 949,284 shares of the company's stock worth $9,284,000 after buying an additional 336,784 shares during the last quarter. Nuveen LLC purchased a new position in Algoma Steel Group in the 1st quarter worth approximately $1,652,000. Finally, Heartland Advisors Inc. lifted its stake in Algoma Steel Group by 150.0% in the 1st quarter. Heartland Advisors Inc. now owns 500,000 shares of the company's stock worth $2,710,000 after purchasing an additional 300,000 shares in the last quarter. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. BMO Capital Markets lowered shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 2nd. Wall Street Zen lowered shares of Algoma Steel Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Royal Bank Of Canada upgraded Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd.

Algoma Steel Group Trading Down 0.4%

ASTL traded down $0.02 during trading hours on Monday, reaching $4.53. The company's stock had a trading volume of 878,048 shares, compared to its average volume of 1,019,292. Algoma Steel Group Inc. has a fifty-two week low of $4.17 and a fifty-two week high of $12.14. The stock has a market cap of $475.33 million, a PE ratio of -2.03 and a beta of 1.62. The business's 50-day moving average is $6.20 and its 200-day moving average is $6.11. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.46 and a quick ratio of 0.98.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported ($0.74) EPS for the quarter, missing analysts' consensus estimates 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 analyst estimates of $577.67 million. As a group, equities research analysts predict that Algoma Steel Group Inc. will post -0.63 earnings per share for the current fiscal year.

About Algoma Steel Group

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.