Weiss Ratings Reaffirms "Sell (D)" Rating for Algoma Steel Group (NASDAQ:ASTL)

Key Points

• Weiss Ratings reiterated a "Sell (D)" rating for Algoma Steel Group (NASDAQ:ASTL), reflecting analysts' concerns about the company's performance.
• Algoma Steel Group recently reported a loss of ($0.74) earnings per share for the last quarter, missing estimates and underscoring financial challenges.
• Three research analysts currently rate the stock as a Hold, while one has given it a Sell rating, leading to an average rating of "Reduce."

Algoma Steel Group (NASDAQ:ASTL - Get Free Report)'s stock had its "sell (d)" rating reiterated by analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen cut Algoma Steel Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Algoma Steel Group presently has an average rating of "Reduce".

Algoma Steel Group Stock Up 0.1%

Shares of NASDAQ:ASTL traded up $0.01 on Wednesday, hitting $3.68. 1,777,232 shares of the company traded hands, compared to its average volume of 1,141,262. Algoma Steel Group has a 52 week low of $3.02 and a 52 week high of $12.14. The company has a quick ratio of 0.98, a current ratio of 2.46 and a debt-to-equity ratio of 0.47. The company has a market cap of $385.62 million, a PE ratio of -1.65 and a beta of 1.55. The stock has a 50 day simple moving average of $4.54 and a 200-day simple moving average of $5.39.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.45) by ($0.29). The business had revenue of $433.14 million for the quarter, compared to the consensus estimate 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, research analysts expect that Algoma Steel Group will post -0.63 earnings per share for the current year.

Institutional Trading of Algoma Steel Group

A number of hedge funds and other institutional investors have recently made changes to their positions in ASTL. Charles Schwab Investment Management Inc. boosted its stake in shares of Algoma Steel Group by 0.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 415,143 shares of the company's stock worth $2,253,000 after acquiring an additional 3,643 shares in the last quarter. Campbell & CO Investment Adviser LLC lifted its position in shares of Algoma Steel Group by 21.6% during the second quarter. Campbell & CO Investment Adviser LLC now owns 24,435 shares of the company's stock worth $168,000 after purchasing an additional 4,346 shares during the last quarter. Raymond James Financial Inc. bought a new position in Algoma Steel Group in the second quarter worth about $32,000. TD Asset Management Inc raised its holdings in shares of Algoma Steel Group by 3.3% during the first quarter. TD Asset Management Inc now owns 167,884 shares of the company's stock valued at $911,000 after buying an additional 5,325 shares during the last quarter. Finally, Legal & General Group Plc raised its holdings in Algoma Steel Group by 11.3% during the second quarter. Legal & General Group Plc now owns 88,583 shares of the company's stock worth $611,000 after purchasing an additional 8,963 shares in the last quarter. Institutional investors and hedge funds own 72.00% of the company's stock.

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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