Algoma Steel Group Inc. $ASTL Shares Sold by Robotti Robert

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 reduced its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 40.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,000 shares of the company's stock after selling 60,000 shares during the quarter. Robotti Robert owned approximately 0.09% of Algoma Steel Group worth $488,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Woodline Partners LP grew its holdings in shares of Algoma Steel Group by 59.2% during the fourth 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 in the last quarter. Empyrean Capital Partners LP purchased a new stake in shares of Algoma Steel Group during the fourth quarter worth about $9,017,000. AYAL Capital Advisors Ltd grew its holdings in shares of Algoma Steel Group by 55.0% during the fourth 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 in the last quarter. Nuveen LLC purchased a new stake in shares of Algoma Steel Group during the first quarter worth about $1,652,000. Finally, Heartland Advisors Inc. grew its holdings in shares of Algoma Steel Group by 150.0% during the first quarter. Heartland Advisors Inc. now owns 500,000 shares of the company's stock worth $2,710,000 after buying an additional 300,000 shares in the last quarter. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ASTL shares. BMO Capital Markets downgraded shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd. Wall Street Zen downgraded shares of Algoma Steel Group from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Royal Bank Of Canada upgraded shares of Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold".

Algoma Steel Group Trading Down 2.5%

Algoma Steel Group stock traded down $0.1150 during trading on Tuesday, reaching $4.4150. The company had a trading volume of 274,629 shares, compared to its average volume of 1,016,170. Algoma Steel Group Inc. has a 12-month low of $4.17 and a 12-month high of $12.14. The stock's 50 day moving average price is $6.18 and its two-hundred day moving average price is $6.08. The firm has a market capitalization of $463.27 million, a price-to-earnings ratio of -1.98 and a beta of 1.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 2.46.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last released its earnings results 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 company had revenue of $433.14 million during the quarter, compared to analysts' expectations 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 analysts expect 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.