MMCAP International Inc. SPC Has $28.72 Million Stake in Algoma Steel Group Inc. $ASTL

MMCAP International Inc. SPC grew its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 11.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,078,828 shares of the company’s stock after purchasing an additional 860,610 shares during the quarter. Algoma Steel Group makes up approximately 3.3% of MMCAP International Inc. SPC’s portfolio, making the stock its 4th largest holding. MMCAP International Inc. SPC owned 7.70% of Algoma Steel Group worth $28,720,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of ASTL. Raymond James Financial Inc. acquired a new position in Algoma Steel Group in the 2nd quarter valued at $32,000. Olympiad Research LP bought a new stake in Algoma Steel Group during the third quarter valued at about $74,000. Engineers Gate Manager LP acquired a new stake in shares of Algoma Steel Group in the second quarter valued at about $146,000. Assenagon Asset Management S.A. bought a new position in shares of Algoma Steel Group in the third quarter worth about $81,000. Finally, Campbell & CO Investment Adviser LLC lifted its position in shares of Algoma Steel Group by 21.6% during the 2nd 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. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ASTL. Zacks Research raised Algoma Steel Group from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Jefferies Financial Group began coverage on Algoma Steel Group in a research report on Friday, January 2nd. They issued a “hold” rating for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Algoma Steel Group Price Performance

Shares of ASTL stock opened at $4.95 on Monday. Algoma Steel Group Inc. has a 12 month low of $3.02 and a 12 month high of $7.82. The company has a market capitalization of $519.75 million, a P/E ratio of -1.04 and a beta of 1.56. The stock has a 50 day moving average of $4.41 and a two-hundred day moving average of $4.28. The company has a current ratio of 2.29, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72.

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.