LM Asset Management Inc. Purchases New Holdings in Algoma Steel Group Inc. $ASTL

LM Asset Management Inc. bought a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,016,000 shares of the company’s stock, valued at approximately $4,114,800,000. Algoma Steel Group makes up about 2.6% of LM Asset Management Inc.’s investment portfolio, making the stock its 9th largest position. LM Asset Management Inc. owned 0.96% of Algoma Steel Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. LPL Financial LLC boosted its stake in Algoma Steel Group by 5.6% in the 4th quarter. LPL Financial LLC now owns 62,194 shares of the company’s stock worth $255,000 after purchasing an additional 3,300 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of Algoma Steel Group by 13.7% in the 3rd quarter. NewEdge Advisors LLC now owns 28,299 shares of the company’s stock worth $101,000 after purchasing an additional 3,400 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Algoma Steel Group during the second quarter valued at $32,000. Mackenzie Financial Corp boosted its position in shares of Algoma Steel Group by 12.6% during the third quarter. Mackenzie Financial Corp now owns 54,363 shares of the company’s stock valued at $193,000 after buying an additional 6,086 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Algoma Steel Group by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 88,583 shares of the company’s stock worth $611,000 after buying an additional 8,963 shares in the last quarter. Institutional investors own 72.00% of the company’s stock.

Analyst Ratings Changes

ASTL has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Algoma Steel Group in a report on Wednesday, June 24th. Wall Street Zen upgraded Algoma Steel Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 1st. 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 restated a “sector perform” rating on shares of Algoma Steel Group in a research report on Thursday, May 14th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Algoma Steel Group currently has an average rating of “Reduce”.

Algoma Steel Group Stock Performance

Shares of ASTL opened at $4.56 on Friday. The business has a 50-day simple moving average of $4.15 and a two-hundred day simple moving average of $4.47. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85. Algoma Steel Group Inc. has a 52 week low of $3.02 and a 52 week high of $5.90. The stock has a market cap of $481.81 million, a price-to-earnings ratio of -0.62 and a beta of 1.64.

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