Algoma Steel Group (NASDAQ:ASTL) Stock Price Up 3.1%

Algoma Steel Group Inc. (NASDAQ:ASTL)’s share price rose 3.1% during trading on Wednesday . The stock traded as high as $7.89 and last traded at $7.89. Approximately 11,052 shares traded hands during trading, a decline of 98% from the average daily volume of 628,575 shares. The stock had previously closed at $7.65.

Algoma Steel Group Price Performance

The firm has a market cap of $818.23 million, a price-to-earnings ratio of 78.60 and a beta of 1.52. The company has a current ratio of 2.88, a quick ratio of 0.98 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $8.12 and a 200 day moving average of $8.13.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.57) earnings per share (EPS) for the quarter. Algoma Steel Group had a net margin of 2.05% and a return on equity of 3.84%. The firm had revenue of $452.07 million during the quarter, compared to analyst estimates of $453.22 million. Equities research analysts predict that Algoma Steel Group Inc. will post 0.78 EPS for the current fiscal year.

Algoma Steel Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, February 29th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Wednesday, February 28th. Algoma Steel Group’s payout ratio is 200.00%.

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Algoma Steel Group by 1.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 71,487 shares of the company’s stock worth $719,000 after acquiring an additional 1,272 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Algoma Steel Group by 91.5% during the third quarter. Tower Research Capital LLC TRC now owns 3,619 shares of the company’s stock worth $25,000 after acquiring an additional 1,729 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Algoma Steel Group by 2.3% during the third quarter. CIBC Asset Management Inc now owns 87,585 shares of the company’s stock worth $596,000 after acquiring an additional 1,939 shares during the period. Gamco Investors INC. ET AL raised its position in shares of Algoma Steel Group by 3.2% in the third quarter. Gamco Investors INC. ET AL now owns 64,325 shares of the company’s stock valued at $437,000 after buying an additional 2,000 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Algoma Steel Group by 11.6% in the fourth quarter. Barclays PLC now owns 25,939 shares of the company’s stock valued at $260,000 after buying an additional 2,704 shares in the last quarter. Institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

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.