Algoma Steel Group Inc. $ASTL Shares Purchased by UBS Group AG

UBS Group AG increased its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 64.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 944,764 shares of the company’s stock after purchasing an additional 371,288 shares during the quarter. UBS Group AG’s holdings in Algoma Steel Group were worth $3,874,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ASTL. Goldman Sachs Group Inc. grew its stake in Algoma Steel Group by 10.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 245,528 shares of the company’s stock worth $1,331,000 after purchasing an additional 23,659 shares in the last quarter. Legal & General Group Plc grew its stake in Algoma Steel Group by 11.3% during the 2nd 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. Raymond James Financial Inc. acquired a new position in Algoma Steel Group during the 2nd quarter worth $32,000. PDT Partners LLC acquired a new position in shares of Algoma Steel Group during the 2nd quarter worth about $304,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Algoma Steel Group during the 2nd quarter worth about $1,089,000. 72.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Algoma Steel Group Stock Performance

NASDAQ:ASTL opened at $4.73 on Friday. The stock has a 50-day simple moving average of $4.50 and a 200-day simple moving average of $4.35. The stock has a market cap of $497.50 million, a P/E ratio of -0.63 and a beta of 1.55. Algoma Steel Group Inc. has a 1 year low of $3.02 and a 1 year 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.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.28). The business had revenue of $216.44 million for the quarter, compared to analyst estimates of $217.57 million. Algoma Steel Group had a negative return on equity of 75.76% and a negative net margin of 60.03%. As a group, analysts anticipate that Algoma Steel Group Inc. will post -2.27 earnings per share for the current fiscal year.

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.