Algoma Steel Group Inc. [ASTL] moved down -0.33: Why It’s Important


Algoma Steel Group Inc. [NASDAQ: ASTL] plunged by -$0.03 during the normal trading session on Thursday and reaching a high of $9.08 during the day while it closed the day at $9.00. The company report on June 23, 2022 that Algoma Steel Distributes Over $150 Million in Employee Profit Sharing Program.

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Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma” or “the Company”), a leading Canadian producer of hot and cold rolled steel sheet and plate products, today announced fiscal 2022 returned $150.7 million in total profit share payouts for eligible employees. With the second installment scheduled for release on June 24th, fiscal 2022’s profit share represents the highest payments per employee in the Company’s history. All figures are in Canadian dollars unless otherwise stated.

“Today’s announcement comes on the back of the Company’s impressive fourth-quarter results. This past year, Algoma saw record safety performance, revenues, and cash flows with much of that success attributable to our employees’ hard work and dedication. Together we are demonstrating that bold transformation, the continued pursuit of excellence and success go hand in hand at Algoma,” said Michael Garcia, Algoma’s Chief Executive Officer. “This cash infusion is in addition to approximately $400 million in annual payroll and pension benefits, and when combined with local investments in goods and services accruing $63 million to date derived from the construction of our electric arc furnace facility and our plate mill modernization, delivers meaningful positive returns for our community.”.

Algoma Steel Group Inc. stock has also loss -1.53% of its value over the past 7 days. However, ASTL stock has declined by -15.09% in the 3 months of the year. Over the past six months meanwhile, it has lost -9.55% and lost -16.74% year-on date.

The market cap for ASTL stock reached $1.32 billion, with 147.96 million shares outstanding and 135.68 million shares in the current float. Compared to the average trading volume of 1.39M shares, ASTL reached a trading volume of 2363785 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Algoma Steel Group Inc. [ASTL]:

Stifel have made an estimate for Algoma Steel Group Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on June 30, 2022. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price to Outperform. The new note on the price target was released on December 07, 2021, representing the official price target for Algoma Steel Group Inc. stock.

The Average True Range (ATR) for Algoma Steel Group Inc. is set at 0.37, with the Price to Sales ratio for ASTL stock in the period of the last 12 months amounting to 0.45. The Price to Book ratio for the last quarter was 1.09, with the Price to Cash per share for the same quarter was set at 4.82. Price to Free Cash Flow for ASTL in the course of the last twelve months was 1.56 with Quick ratio for the last quarter at 2.70.

ASTL stock trade performance evaluation

Algoma Steel Group Inc. [ASTL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.53. With this latest performance, ASTL shares gained by 12.92% in over the last four-week period, additionally sinking by -9.55% over the last 6 months – not to mention a drop of -11.68% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ASTL stock in for the last two-week period is set at 47.16, with the RSI for the last a single of trading hit 46.34, and the three-weeks RSI is set at 47.27 for Algoma Steel Group Inc. [ASTL]. The present Moving Average for the last 50 days of trading for this stock 9.14, while it was recorded at 9.04 for the last single week of trading.

Algoma Steel Group Inc. [ASTL]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Algoma Steel Group Inc. [ASTL] shares currently have an operating margin of +37.07 and a Gross Margin at +39.77. Algoma Steel Group Inc.’s Net Margin is presently recorded at +22.54.

Return on Equity for this stock inclined to 97.67, with Return on Assets sitting at 40.39.

Algoma Steel Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.70 and a Current Ratio set at 3.60.

Algoma Steel Group Inc. [ASTL]: Insider Ownership positions

There are presently around $859 million, or 64.20% of ASTL stock, in the hands of institutional investors. The top three institutional holders of ASTL stocks are: BAIN CAPITAL CREDIT, LP with ownership of 20,515,674, which is approximately 46.599% of the company’s market cap and around 15.40% of the total institutional ownership; BARCLAYS PLC, holding 12,398,564 shares of the stock with an approximate value of $111.96 million in ASTL stocks shares; and CONTRARIAN CAPITAL MANAGEMENT, L.L.C., currently with $78.11 million in ASTL stock with ownership of nearly 42.387% of the company’s market capitalization.

66 institutional holders increased their position in Algoma Steel Group Inc. [NASDAQ:ASTL] by around 42,362,028 shares. Additionally, 26 investors decreased positions by around 2,573,611 shares, while 12 investors held positions by with 50,217,659 shares. The mentioned changes placed institutional holdings at 95,153,298 shares, according to the latest SEC report filing. ASTL stock had 33 new institutional investments in for a total of 24,647,129 shares, while 14 institutional investors sold positions of 1,578,321 shares during the same period.