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 position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 56.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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 about 1.18% of Algoma Steel Group worth $6,726,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EJF Capital LLC purchased a new stake in Algoma Steel Group during the 1st quarter valued at $60,000. Aigen Investment Management LP purchased a new stake in Algoma Steel Group during the 1st quarter valued at $69,000. Squarepoint Ops LLC purchased a new stake in Algoma Steel Group during the 4th quarter valued at $114,000. Two Sigma Advisers LP purchased a new stake in Algoma Steel Group during the 4th quarter valued at $117,000. Finally, XTX Topco Ltd purchased a new stake in Algoma Steel Group during the 1st quarter valued at $181,000. Hedge funds and other institutional investors own 72.00% of the company's stock.

Analysts Set New Price Targets

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

Algoma Steel Group Stock Down 0.5%

Shares of Algoma Steel Group stock traded down $0.03 during trading on Thursday, hitting $4.57. The company's stock had a trading volume of 260,468 shares, compared to its average volume of 1,028,507. The company has a fifty day simple moving average of $5.31 and a two-hundred day simple moving average of $5.63. Algoma Steel Group Inc. has a 52 week low of $4.17 and a 52 week high of $12.14. The company has a market capitalization of $479.01 million, a PE ratio of -2.05 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 announced its quarterly earnings results on Tuesday, July 29th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $433.14 million during the quarter, compared to the consensus estimate of $577.67 million. Equities research analysts predict that Algoma Steel Group Inc. will post -0.63 earnings per share for the current 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.