Woodline Partners LP Sells 1,603,545 Shares of Algoma Steel Group Inc. $ASTL

Key Points

• Woodline Partners LP has significantly reduced its stake in Algoma Steel Group by selling 1,603,545 shares, lowering its ownership to 1.18% of the company.
• Algoma Steel Group reported a quarterly earnings per share (EPS) of ($0.74), missing analyst expectations and showing a negative return on equity of 22.24%.
• Several institutional investors increased their positions in Algoma Steel during the fourth quarter, indicating notable interest in the stock despite recent underperformance.

Woodline Partners LP lowered its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 56.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,240,894 shares of the company's stock after selling 1,603,545 shares during the period. Woodline Partners LP owned 1.18% of Algoma Steel Group worth $6,726,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ASTL. BNP Paribas Financial Markets bought a new position in Algoma Steel Group during the fourth quarter worth about $391,000. Bank of America Corp DE grew its holdings in Algoma Steel Group by 97.7% during the fourth quarter. Bank of America Corp DE now owns 125,417 shares of the company's stock worth $1,227,000 after purchasing an additional 61,979 shares during the period. D. E. Shaw & Co. Inc. bought a new position in Algoma Steel Group during the fourth quarter worth about $1,643,000. Point72 Asset Management L.P. bought a new position in Algoma Steel Group during the fourth quarter worth about $212,000. Finally, Two Sigma Investments LP grew its holdings in Algoma Steel Group by 41.8% during the fourth quarter. Two Sigma Investments LP now owns 36,600 shares of the company's stock worth $358,000 after purchasing an additional 10,781 shares during the period. Institutional investors own 72.00% of the company's stock.

Algoma Steel Group Trading Down 1.3%

Shares of NASDAQ:ASTL opened at $4.55 on Friday. Algoma Steel Group Inc. has a 12-month low of $4.17 and a 12-month high of $12.14. The stock has a market cap of $477.43 million, a PE ratio of -2.04 and a beta of 1.62. The business has a 50 day moving average of $5.46 and a 200-day moving average of $5.69. The company has a quick ratio of 0.98, a current ratio of 2.46 and a debt-to-equity ratio of 0.47.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued 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). Algoma Steel Group had a negative return on equity of 22.24% and a negative net margin of 13.51%.The firm had revenue of $433.14 million for the quarter, compared to the consensus estimate of $577.67 million. As a group, equities research analysts forecast that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Analyst Ratings Changes

ASTL has been the subject of a number of research analyst reports. Wall Street Zen cut Algoma Steel Group from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. BMO Capital Markets cut Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold".

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.

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