TCW Group Inc. Has $7.63 Million Stake in Algoma Steel Group Inc. (NASDAQ:ASTL)

Key Points

• TCW Group Inc. reduced its stake in Algoma Steel Group Inc. by 11.4%, now owning 1,408,221 shares valued at approximately $7.63 million.
• Algoma Steel reported a quarterly EPS of ($0.33), surpassing analyst expectations despite a negative return on equity of 12.98% and a revenue of $359.30 million.
• The company declared a quarterly dividend of $0.05 per share, representing a yield of 3.21% and highlighting a negative payout ratio of -12.99%.

TCW Group Inc. reduced its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 11.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,408,221 shares of the company's stock after selling 180,400 shares during the period. TCW Group Inc. owned about 1.34% of Algoma Steel Group worth $7,633,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Corient Private Wealth LLC acquired a new position in Algoma Steel Group in the 4th quarter worth about $147,000. American Century Companies Inc. increased its position in Algoma Steel Group by 3.2% in the 4th quarter. American Century Companies Inc. now owns 172,428 shares of the company's stock worth $1,689,000 after purchasing an additional 5,296 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Algoma Steel Group by 276.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company's stock worth $12,884,000 after purchasing an additional 966,976 shares during the last quarter. Hartree Partners LP increased its position in Algoma Steel Group by 44.4% in the 4th quarter. Hartree Partners LP now owns 152,751 shares of the company's stock worth $1,494,000 after purchasing an additional 46,984 shares during the last quarter. Finally, National Bank of Canada FI increased its position in Algoma Steel Group by 31.4% in the 4th quarter. National Bank of Canada FI now owns 42,165 shares of the company's stock worth $413,000 after purchasing an additional 10,065 shares during the last quarter. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Stock Performance

ASTL traded down $0.23 during midday trading on Thursday, reaching $5.42. The company's stock had a trading volume of 768,503 shares, compared to its average volume of 1,010,740. The company has a fifty day simple moving average of $6.34 and a 200 day simple moving average of $6.44. The company has a current ratio of 3.10, a quick ratio of 1.47 and a debt-to-equity ratio of 0.42. Algoma Steel Group Inc. has a twelve month low of $4.17 and a twelve month high of $12.14. The stock has a market cap of $568.20 million, a P/E ratio of -2.43 and a beta of 1.65.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last announced 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 return on equity of 21.52% and a negative net margin of 13.51%. The firm had revenue of $433.14 million during the quarter, compared to the consensus estimate of $577.67 million. Research analysts expect that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ASTL shares. BMO Capital Markets lowered Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd. Stifel Canada lowered Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Finally, Royal Bank Of Canada raised Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd.

Algoma Steel Group 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.