Algoma Steel Group (NASDAQ:ASTL) Hits New 1-Year Low – Time to Sell?

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $6.45 and last traded at $6.54, with a volume of 1769119 shares trading hands. The stock had previously closed at $6.80.

Algoma Steel Group Stock Down 3.8 %

The firm’s 50-day simple moving average is $8.35 and its 200 day simple moving average is $9.60. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The stock has a market capitalization of $685.94 million, a P/E ratio of -5.15 and a beta of 1.46.

Institutional Trading of Algoma Steel Group

Several institutional investors and hedge funds have recently bought and sold shares of ASTL. FMR LLC acquired a new position in shares of Algoma Steel Group during the 3rd quarter worth approximately $36,008,000. Woodline Partners LP increased its holdings in Algoma Steel Group by 59.2% during the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock worth $27,819,000 after buying an additional 1,057,517 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. increased its holdings in Algoma Steel Group by 1.0% during the fourth quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company’s stock worth $21,320,000 after buying an additional 22,049 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Algoma Steel Group by 276.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock worth $12,884,000 after acquiring an additional 966,976 shares in the last quarter. Finally, J. Goldman & Co LP lifted its stake in Algoma Steel Group by 1.5% in the fourth quarter. J. Goldman & Co LP now owns 1,226,375 shares of the company’s stock valued at $11,994,000 after acquiring an additional 17,802 shares during the last quarter. Institutional investors own 72.00% of the company’s stock.

About Algoma Steel Group

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company 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.