Algoma Steel Group (TSE:ASTL) Price Target Cut to C$8.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for Algoma Steel Group from C$10.00 to C$8.00, indicating a pessimistic outlook for the stock.
• Other analysts, including BMO Capital Markets and Stifel Nicolaus, have also reduced their target prices and adjusted their ratings, reflecting a general decline in sentiment for the stock.
• Algoma Steel Group's shares fell 4.5% on Thursday, trading at C$7.44, as the company continues to experience challenging market conditions.

Algoma Steel Group (TSE:ASTL - Get Free Report) had its target price dropped by Royal Bank Of Canada from C$10.00 to C$8.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 12.83% from the stock's previous close.

Several other research firms have also recently issued reports on ASTL. BMO Capital Markets cut shares of Algoma Steel Group from an "outperform" rating to a "market perform" rating and cut their price objective for the stock from C$12.00 to C$8.00 in a research report on Tuesday, June 3rd. Stifel Nicolaus dropped their price target on shares of Algoma Steel Group from C$14.00 to C$13.00 and set a "buy" rating for the company in a research report on Tuesday, June 3rd.

Algoma Steel Group Trading Down 4.2%

Algoma Steel Group stock traded down C$0.31 during midday trading on Thursday, hitting C$7.09. 503,581 shares of the stock were exchanged, compared to its average volume of 248,760. Algoma Steel Group has a fifty-two week low of C$5.91 and a fifty-two week high of C$16.83. The stock has a market capitalization of C$736.44 million, a price-to-earnings ratio of -4.86 and a beta of 1.50. The stock's 50-day simple moving average is C$8.68 and its 200 day simple moving average is C$8.99. The company has a current ratio of 3.31, a quick ratio of 1.51 and a debt-to-equity ratio of 43.70.

Insider Buying and Selling at Algoma Steel Group

In other Algoma Steel Group news, Senior Officer Michael Moraca acquired 3,800 shares of the stock in a transaction dated Monday, May 5th. The stock was acquired at an average price of C$7.82 per share, with a total value of C$29,716.00. 7.57% of the stock is currently owned by corporate insiders.

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.