Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating) – Analysts at Cormark have lowered their estimates of earnings per share for the fourth quarter of 2023 for Algoma Steel Group stocks in a research note published on Wednesday, September 28. Cormark analyst D. Ocampo now expects the company to earn $0.28 per share for the quarter, down from its previous estimate of $0.38. The consensus estimate for Algoma Steel Group’s current full year earnings is $2.89 per share. Cormark also released estimates for Algoma Steel Group’s earnings of $0.25 per share for the first quarter of 2024, $0.24 per share for the second quarter of 2024 and $0.94 per share for the full year 2024.
Algoma Steel Group (NASDAQ:ASTL – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported earnings per share of $1.17 for the quarter, missing the consensus estimate of $1.24 ($0.07). The company had revenue of $731.96 million for the quarter, compared to analysts’ expectations of $761.38 million. Algoma Steel Group had a return on equity of 83.33% and a net margin of 24.16%.
ASTL has been the subject of several other research reports. BMO Capital Markets lowered its price target on Algoma Steel Group from C$16.00 to C$14.00 in a research note on Wednesday. Stifel Nicolaus lowered his price target for Algoma Steel Group from C$14.00 to C$11.25 in a research note on Wednesday.
Algoma Steel Group stock performance
Algoma Steel Group shares opened at $6.55 on Friday. The company has a quick ratio of 1.48, a current ratio of 2.08 and a debt to equity ratio of 0.06. The company has a market cap of $961.28 million, a P/E of 1.05 and a beta of 1.16. The stock’s 50-day moving average is $8.91 and the 200-day moving average is $9.49. Algoma Steel Group has a 12-month low of $6.21 and a 12-month high of $13.65.
Algoma Steel Group announces dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31 will receive a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday August 30th. That equates to an annualized dividend of $0.20 and a yield of 3.05%. Algoma Steel Group’s payout ratio is 3.21%.
Algoma Steel Group institutional trading
Several institutional investors have recently added to or reduced their stakes in ASTL. Point72 Asset Management LP acquired a $657,000 new interest in Algoma Steel Group during the fourth quarter. Crestline Management LP purchased a new position in Algoma Steel Group stock valued at $9,621,000 during the fourth quarter. Marathon Asset Management LP purchased a new position in Algoma Steel Group stock valued at $18,399,000 during the fourth quarter. Kepos Capital LP acquired a new position in Algoma Steel Group stock valued at $409,000 during the fourth quarter. Finally, Engine Capital Management LP purchased a new position in Algoma Steel Group stock valued at $4,555,000 during the fourth quarter. 60.70% of the shares are currently owned by hedge funds and other institutional investors.
About Algoma Steel Group
(get rating)
Algoma Steel Group Inc manufactures and sells steel products primarily in North America. It offers flat/plate steel products, including temper rolled, cold rolled, hot rolled, pickled and oiled products, floor panels and cut to length products for the automotive, hollow structural product manufacturers and lightweight and transportation industries; and sheet steel products consisting of rolled, hot rolled and heat treated for use in the construction or manufacture of rail vehicles, buildings, bridges, off-highway equipment, storage tanks, ships and military applications.
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