Littlejohn & Co. LLC Invests $6.15 Billion in Algoma Steel Group Inc. $ASTL

Littlejohn & Co. LLC purchased a new position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,518,714 shares of the company’s stock, valued at approximately $6,150,792,000. Algoma Steel Group makes up 7.8% of Littlejohn & Co. LLC’s portfolio, making the stock its 5th largest position. Littlejohn & Co. LLC owned about 1.44% of Algoma Steel Group as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Maple Rock Capital Partners Inc. lifted its stake in Algoma Steel Group by 38.3% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 14,430,818 shares of the company’s stock worth $59,166,000 after purchasing an additional 4,000,000 shares during the last quarter. MMCAP International Inc. SPC increased its stake in shares of Algoma Steel Group by 42.2% in the 4th 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 last quarter. Donald Smith & CO. Inc. acquired a new position in shares of Algoma Steel Group during the 2nd quarter worth $21,374,000. BlackRock Inc. acquired a new position in shares of Algoma Steel Group during the 2nd quarter worth $16,780,000. Finally, TD Asset Management Inc lifted its position in shares of Algoma Steel Group by 1,351.7% during the 4th quarter. TD Asset Management Inc now owns 1,687,420 shares of the company’s stock worth $6,955,000 after buying an additional 1,571,184 shares during the last quarter. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Stock Up 3.1%

Shares of NASDAQ:ASTL opened at $4.29 on Friday. The company has a fifty day moving average of $4.09 and a 200-day moving average of $4.46. The company has a market capitalization of $453.29 million, a PE ratio of -0.58 and a beta of 1.64. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.35 and a current ratio of 2.49. Algoma Steel Group Inc. has a 52-week low of $3.02 and a 52-week high of $5.90.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Wednesday, July 29th. The company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.04). The firm had revenue of $267.50 million for the quarter, compared to analyst estimates of $205.57 million. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. On average, equities analysts predict that Algoma Steel Group Inc. will post -2.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wall Street Zen raised Algoma Steel Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 1st. Zacks Research raised Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Algoma Steel Group in a report on Thursday, May 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Algoma Steel Group has an average rating of “Reduce”.

Algoma Steel Group Profile

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.