Littlejohn & Co. LLC Raises Stake in Algoma Steel Group Inc. $ASTL

Littlejohn & Co. LLC grew its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL) by 27.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,446,503 shares of the company’s stock after buying an additional 752,616 shares during the quarter. Algoma Steel Group makes up approximately 7.4% of Littlejohn & Co. LLC’s investment portfolio, making the stock its 6th largest holding. Littlejohn & Co. LLC’s holdings in Algoma Steel Group were worth $14,131,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. TD Asset Management Inc raised its position in shares of Algoma Steel Group by 1,351.7% in the fourth quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock valued at $6,955,000 after purchasing an additional 1,571,184 shares during the period. Clear Harbor Asset Management LLC bought a new stake in shares of Algoma Steel Group in the fourth quarter valued at approximately $107,000. MMCAP International Inc. SPC raised its position in shares of Algoma Steel Group by 42.2% in the fourth quarter. MMCAP International Inc. SPC now owns 11,487,861 shares of the company’s stock valued at $47,111,000 after purchasing an additional 3,409,033 shares during the period. Terril Brothers Inc. raised its position in shares of Algoma Steel Group by 39.8% in the fourth quarter. Terril Brothers Inc. now owns 58,000 shares of the company’s stock valued at $238,000 after purchasing an additional 16,500 shares during the period. Finally, Prescott Group Capital Management L.L.C. bought a new stake in shares of Algoma Steel Group in the fourth quarter valued at approximately $948,000. Institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Price Performance

Shares of NASDAQ ASTL opened at $4.96 on Friday. The stock has a market cap of $522.73 million, a PE ratio of -0.67 and a beta of 1.60. Algoma Steel Group Inc. has a fifty-two week low of $3.02 and a fifty-two week high of $7.24. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.22 and a current ratio of 2.45. The stock has a fifty day moving average of $4.83 and a 200-day moving average of $4.45.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.28). The company had revenue of $216.44 million during the quarter, compared to analysts’ expectations of $217.57 million. Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. Equities research analysts anticipate that Algoma Steel Group Inc. will post -2.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ASTL shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research report on Friday, March 27th. Zacks Research cut Algoma Steel Group from a “hold” rating to a “strong sell” rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce”.

About Algoma Steel Group

Algoma Steel Group Inc is a North American steel producer headquartered in Sault Ste. Marie, Ontario. The company operates a modern electric arc furnace (EAF) complex and an integrated rolling mill, enabling it to transform scrap and direct reduced iron into a wide range of steel products. Algoma Steel Group returned to public markets in 2021 with listings on both the Toronto Stock Exchange and the Nasdaq under the symbol ASTL.

Founded in 1901 as Algoma Steel Corporation, the company grew to become one of Canada’s leading steelmakers before undergoing restructuring in the early 2000s.