Contrarian Capital Management L.L.C. decreased its position in Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating) by 9.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,501,359 shares of the company's stock after selling 760,000 shares during the quarter. Algoma Steel Group accounts for approximately 11.1% of Contrarian Capital Management L.L.C.'s portfolio, making the stock its 5th largest position. Contrarian Capital Management L.L.C. owned about 5.11% of Algoma Steel Group worth $48,309,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ASTL. UBS Group AG acquired a new position in shares of Algoma Steel Group in the third quarter worth $34,000. Grantham Mayo Van Otterloo & Co. LLC acquired a new position in shares of Algoma Steel Group in the third quarter worth $76,000. National Bank of Canada FI grew its stake in shares of Algoma Steel Group by 198.6% in the second quarter. National Bank of Canada FI now owns 8,958 shares of the company's stock worth $80,000 after acquiring an additional 5,958 shares in the last quarter. Shell Asset Management Co. acquired a new position in shares of Algoma Steel Group in the second quarter worth $86,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Algoma Steel Group in the second quarter worth $93,000. Hedge funds and other institutional investors own 63.83% of the company's stock.
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Shares of ASTL stock opened at $8.27 on Friday. The company has a current ratio of 3.57, a quick ratio of 1.79 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average price of $6.79 and a 200 day moving average price of $7.49. The company has a market cap of $856.52 million, a P/E ratio of 2.48 and a beta of 1.51. Algoma Steel Group Inc. has a 12 month low of $5.64 and a 12 month high of $12.50.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the stock. BMO Capital Markets dropped their price target on shares of Algoma Steel Group from C$14.00 to C$11.00 in a research note on Tuesday, January 10th. Stifel Nicolaus upgraded shares of Algoma Steel Group from a "hold" rating to a "buy" rating in a research note on Wednesday, January 18th.Algoma Steel Group Profile
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Algoma Steel Group Inc produces and sells steel products primarily in North America. It provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.
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