Algoma Steel Group Inc. [ASTL] fell -13.69% so far this year. What now?


Algoma Steel Group Inc. [NASDAQ: ASTL] slipped around -0.23 points on Tuesday, while shares priced at $9.33 at the close of the session, down -2.41%. The company report on July 26, 2022 that Algoma Steel Notified by USW Local 2724 Agreement Ratified.

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Algoma Steel Group Inc. (NASDAQ: ASTL; TSX: ASTL) (“Algoma’ or “the Company”) reports it has been notified by United Steelworkers (“USW”) Local 2724, the union representing its technical, professional and front-line supervisory employees, that their members have successfully ratified their collective agreement, providing an enhanced economic package for their members and importantly setting out the process to transition the workforce to electric arc steelmaking.

Discussions are ongoing between the Company and the hourly employees represented by USW Local 2251, and the Company continues to work toward reaching an agreement before the contract expires on July 31, 2022.

Algoma Steel Group Inc. stock is now -13.69% down from its year-to-date (YTD) trading value. ASTL Stock saw the intraday high of $9.61 and lowest of $9.33 per share. The company’s 52-week high price is 13.65, which means current price is +20.39% above from all time high which was touched on 03/24/22.

Compared to the average trading volume of 1.73M shares, ASTL reached a trading volume of 5080201 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 0.30, with the Price to Sales ratio for ASTL stock in the period of the last 12 months amounting to 0.47. The Price to Book ratio for the last quarter was 1.12, with the Price to Cash per share for the same quarter was set at 4.80. Price to Free Cash Flow for ASTL in the course of the last twelve months was 1.62 with Quick ratio for the last quarter at 2.70.

How has ASTL stock performed recently?

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 -1.37. With this latest performance, ASTL shares gained by 0.21% in over the last four-week period, additionally plugging by 9.89% over the last 6 months – not to mention a drop of -6.98% 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 51.60, with the RSI for the last a single of trading hit 51.55, and the three-weeks RSI is set at 50.70 for Algoma Steel Group Inc. [ASTL]. The present Moving Average for the last 50 days of trading for this stock 9.21, while it was recorded at 9.47 for the last single week of trading.

Algoma Steel Group Inc. [ASTL]: Deeper insight into the fundamentals

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.

Insider trade positions for Algoma Steel Group Inc. [ASTL]

There are presently around $919 million, or 65.70% 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 $118.53 million in ASTL stocks shares; and CONTRARIAN CAPITAL MANAGEMENT, L.L.C., currently with $82.7 million in ASTL stock with ownership of nearly 42.387% of the company’s market capitalization.

69 institutional holders increased their position in Algoma Steel Group Inc. [NASDAQ:ASTL] by around 43,386,075 shares. Additionally, 25 investors decreased positions by around 2,563,611 shares, while 12 investors held positions by with 50,227,659 shares. The mentioned changes placed institutional holdings at 96,177,345 shares, according to the latest SEC report filing. ASTL stock had 35 new institutional investments in for a total of 25,668,476 shares, while 14 institutional investors sold positions of 1,578,321 shares during the same period.