Algoma Steel Group (NASDAQ:ASTL) Upgraded to Strong-Buy by Zacks Investment Research
Algoma Steel Group (NASDAQ:ASTL – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday, Zacks.com reports. The firm currently has a $11.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.13% from the company’s current price.
According to Zacks, “Algoma Steel Group Inc. is a fully integrated producer of hot and cold rolled steel products including sheet and plate. Algoma Steel Group Inc., formerly known as Legato Merger Corp., is based in NEW YORK. “
ASTL stock traded up $0.26 during midday trading on Monday, reaching $9.81. 23,483 shares of the company’s stock traded hands, compared to its average volume of 872,413. Algoma Steel Group has a 52-week low of $7.96 and a 52-week high of $13.65. The company has a quick ratio of 1.15, a current ratio of 1.75 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average is $10.18 and its 200 day moving average is $9.98.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nomura Holdings Inc. boosted its position in shares of Algoma Steel Group by 19.0% during the first quarter. Nomura Holdings Inc. now owns 224,264 shares of the company’s stock worth $2,645,000 after acquiring an additional 35,870 shares during the last quarter. Philosophy Capital Management LLC bought a new position in shares of Algoma Steel Group during the first quarter worth $15,526,000. Royal Bank of Canada boosted its position in shares of Algoma Steel Group by 671.4% during the first quarter. Royal Bank of Canada now owns 108,403 shares of the company’s stock worth $1,220,000 after acquiring an additional 94,351 shares during the last quarter. Silver Point Capital L.P. boosted its position in shares of Algoma Steel Group by 50.0% during the first quarter. Silver Point Capital L.P. now owns 616,185 shares of the company’s stock worth $6,225,000 after acquiring an additional 205,394 shares during the last quarter. Finally, EHP Funds Inc. bought a new position in shares of Algoma Steel Group during the first quarter worth $13,856,000.
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Algoma Steel Group Company Profile (Get Rating)
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, floor plate, and cut-to-length products for the automotive industry; 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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