Readystate Asset Management LP Sells 177,096 Shares of Algoma Steel Group Inc. $ASTL

Readystate Asset Management LP lowered its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 27.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 463,228 shares of the company’s stock after selling 177,096 shares during the quarter. Readystate Asset Management LP’s holdings in Algoma Steel Group were worth $1,913,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new stake in Algoma Steel Group in the second quarter worth $32,000. Element Pointe Advisors LLC bought a new stake in shares of Algoma Steel Group during the fourth quarter worth $41,000. Federation des caisses Desjardins du Quebec boosted its stake in shares of Algoma Steel Group by 101.6% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 17,860 shares of the company’s stock valued at $73,000 after purchasing an additional 9,000 shares during the period. Lighthouse Investment Partners LLC purchased a new stake in shares of Algoma Steel Group during the third quarter valued at $79,000. Finally, FIL Ltd bought a new position in shares of Algoma Steel Group in the fourth quarter worth about $85,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ASTL. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a research note on Wednesday, June 24th. Zacks Research upgraded shares of Algoma Steel Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 9th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Algoma Steel Group currently has a consensus rating of “Reduce”.

Algoma Steel Group Price Performance

NASDAQ:ASTL opened at $4.39 on Wednesday. The company has a debt-to-equity ratio of 2.19, a current ratio of 2.45 and a quick ratio of 1.22. Algoma Steel Group Inc. has a 1-year low of $3.02 and a 1-year high of $6.18. The company has a 50-day moving average of $4.44 and a 200 day moving average of $4.48. The firm has a market cap of $463.85 million, a PE ratio of -0.59 and a beta of 1.64.

Algoma Steel Group (NASDAQ:ASTL) last posted its earnings results on Tuesday, May 12th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.28). Algoma Steel Group had a negative net margin of 60.03% and a negative return on equity of 75.76%. The business had revenue of $216.44 million for the quarter, compared to analysts’ expectations of $217.57 million. As a group, research analysts anticipate that Algoma Steel Group Inc. will post -2.19 EPS for the current fiscal year.

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.