LM Asset Management Inc. Takes Position in Algoma Steel Group Inc. $ASTL

LM Asset Management Inc. acquired a new position in Algoma Steel Group Inc. (NASDAQ:ASTL) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,016,000 shares of the company’s stock, valued at approximately $4,114,800. Algoma Steel Group makes up approximately 0.0% of LM Asset Management Inc.’s holdings, making the stock its 9th biggest position. LM Asset Management Inc. owned about 0.96% of Algoma Steel Group at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ASTL. Element Pointe Advisors LLC acquired a new position in shares of Algoma Steel Group in the 2nd quarter valued at about $40,000. BlackRock Inc. purchased a new stake in Algoma Steel Group during the second quarter valued at about $16,780,000. GSA Capital Partners LLP acquired a new position in Algoma Steel Group in the second quarter worth $269,000. Renaissance Technologies LLC acquired a new position in shares of Algoma Steel Group in the 1st quarter worth $484,000. Finally, Hsbc Holdings PLC raised its position in shares of Algoma Steel Group by 40.3% during the first quarter. Hsbc Holdings PLC now owns 54,379 shares of the company’s stock valued at $222,000 after buying an additional 15,625 shares during the last quarter. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Performance

NASDAQ ASTL traded down $0.08 during trading on Friday, reaching $4.21. The company’s stock had a trading volume of 509,690 shares, compared to its average volume of 1,317,333. The company has a debt-to-equity ratio of 2.85, a quick ratio of 1.35 and a current ratio of 2.49. The business’s fifty day moving average price is $4.09 and its 200-day moving average price is $4.46. Algoma Steel Group Inc. has a twelve month low of $3.02 and a twelve month high of $5.90. The firm has a market cap of $444.83 million, a price-to-earnings ratio of -0.57 and a beta of 1.64.

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

Analysts Set New Price Targets

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

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.