Woodline Partners LP Purchases 1,057,517 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

Woodline Partners LP grew its position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 59.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,844,439 shares of the company’s stock after purchasing an additional 1,057,517 shares during the period. Woodline Partners LP’s holdings in Algoma Steel Group were worth $27,819,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ASTL. Gamco Investors INC. ET AL raised its holdings in Algoma Steel Group by 4.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company’s stock valued at $320,000 after buying an additional 1,350 shares during the last quarter. Geode Capital Management LLC increased its position in Algoma Steel Group by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 152,846 shares of the company’s stock valued at $1,499,000 after acquiring an additional 1,985 shares during the period. Legal & General Group Plc raised its stake in shares of Algoma Steel Group by 4.8% during the fourth quarter. Legal & General Group Plc now owns 80,745 shares of the company’s stock valued at $790,000 after acquiring an additional 3,666 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Algoma Steel Group by 4.0% during the fourth quarter. Van ECK Associates Corp now owns 103,555 shares of the company’s stock valued at $1,013,000 after acquiring an additional 3,944 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Algoma Steel Group by 3.2% during the fourth quarter. American Century Companies Inc. now owns 172,428 shares of the company’s stock worth $1,689,000 after purchasing an additional 5,296 shares during the period. 72.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ASTL shares. Royal Bank of Canada upgraded Algoma Steel Group to a “hold” rating in a report on Tuesday, April 22nd. Stifel Canada lowered Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 17th.

Algoma Steel Group Price Performance

Shares of ASTL opened at $5.59 on Wednesday. The firm has a market cap of $586.58 million, a PE ratio of -4.40 and a beta of 1.58. Algoma Steel Group Inc. has a 52-week low of $4.17 and a 52-week high of $12.14. The business’s 50 day moving average price is $5.42 and its two-hundred day moving average price is $7.80. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31.

Algoma Steel Group (NASDAQ:ASTL) last issued its earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.36. The business had revenue of $359.30 million for the quarter, compared to analyst estimates of $327.56 million. Algoma Steel Group had a negative net margin of 6.30% and a negative return on equity of 10.63%. On average, equities analysts anticipate that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Algoma Steel Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $0.20 annualized dividend and a dividend yield of 3.58%. Algoma Steel Group’s dividend payout ratio is presently -12.99%.

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.