Algoma Steel Group (NASDAQ:ASTL) Stock Rating Lowered by Stifel Canada

Stifel Canada lowered shares of Algoma Steel Group (NASDAQ:ASTL) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks.com reports.

Algoma Steel Group Price Performance

ASTL opened at $4.80 on Thursday. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. The business has a fifty day moving average of $6.19 and a 200 day moving average of $8.54. Algoma Steel Group has a 52-week low of $4.17 and a 52-week high of $12.14. The stock has a market cap of $503.68 million, a P/E ratio of -3.78 and a beta of 1.57.

Algoma Steel Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 21st were given a dividend of $0.05 per share. The ex-dividend date was Friday, March 21st. This represents a $0.20 annualized dividend and a yield of 4.17%. Algoma Steel Group’s dividend payout ratio (DPR) is presently -17.54%.

Institutional Trading of Algoma Steel Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new position in shares of Algoma Steel Group in the fourth quarter worth $1,248,000. JPMorgan Chase & Co. grew its stake in Algoma Steel Group by 16.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 357,367 shares of the company’s stock valued at $3,656,000 after purchasing an additional 49,642 shares during the last quarter. Hartree Partners LP increased its holdings in shares of Algoma Steel Group by 44.4% in the fourth quarter. Hartree Partners LP now owns 152,751 shares of the company’s stock valued at $1,494,000 after purchasing an additional 46,984 shares during the period. Stifel Financial Corp purchased a new stake in shares of Algoma Steel Group in the 3rd quarter valued at $390,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of 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 purchasing an additional 966,976 shares during the last quarter. Hedge funds and other 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.