Algoma Steel Group (TSE:ASTL) Stock Price Down 2.8%

Algoma Steel Group Inc. (TSE:ASTL)’s share price traded down 2.8% during mid-day trading on Tuesday . The stock traded as low as C$10.52 and last traded at C$10.52. 20,931 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 52,524 shares. The stock had previously closed at C$10.82.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Cormark lowered their price objective on Algoma Steel Group from C$17.50 to C$17.00 in a research note on Tuesday, March 26th. BMO Capital Markets reduced their target price on Algoma Steel Group from C$16.00 to C$15.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Stifel Nicolaus reduced their target price on Algoma Steel Group from C$16.00 to C$15.00 in a report on Tuesday, April 9th. Finally, Beacon Securities cut Algoma Steel Group from a “buy” rating to a “hold” rating and upped their target price for the company from C$11.00 to C$14.00 in a report on Tuesday, January 2nd.

Algoma Steel Group Price Performance

The company has a fifty day moving average of C$10.96 and a 200 day moving average of C$11.13. The firm has a market capitalization of C$1.09 billion, a P/E ratio of 16.44 and a beta of 1.52. The company has a debt-to-equity ratio of 10.83, a current ratio of 2.88 and a quick ratio of 1.51.

Algoma Steel Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 29th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.90%. The ex-dividend date was Wednesday, February 28th. Algoma Steel Group’s payout ratio is presently 42.19%.

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.