Separately, BMO Capital Markets decreased their price objective on shares of Algoma Steel Group from C$16.00 to C$14.00 in a report on Wednesday, September 28th.
Algoma Steel Group Price Performance
NASDAQ ASTL opened at $6.68 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.57 and a quick ratio of 1.79. The company’s 50 day simple moving average is $6.91 and its 200 day simple moving average is $8.40. Algoma Steel Group has a 12 month low of $6.21 and a 12 month high of $12.50. The company has a market capitalization of $693.78 million, a P/E ratio of 2.01 and a beta of 1.41.
Algoma Steel Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Wednesday, November 30th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Tuesday, November 29th. Algoma Steel Group’s dividend payout ratio (DPR) is presently 6.01%.
Institutional Trading of Algoma Steel Group
A number of hedge funds have recently modified their holdings of the company. Anson Funds Management LP acquired a new stake in shares of Algoma Steel Group in the 3rd quarter valued at approximately $322,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Algoma Steel Group in the 3rd quarter valued at approximately $113,000. Neuberger Berman Group LLC acquired a new stake in shares of Algoma Steel Group in the 3rd quarter valued at approximately $460,000. Philosophy Capital Management LLC raised its holdings in Algoma Steel Group by 19.5% during the 3rd quarter. Philosophy Capital Management LLC now owns 2,977,861 shares of the company’s stock worth $19,177,000 after buying an additional 485,266 shares during the period. Finally, Polar Asset Management Partners Inc. raised its holdings in Algoma Steel Group by 34.1% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 191,769 shares of the company’s stock worth $1,235,000 after buying an additional 48,769 shares during the period. 60.70% of the stock is currently owned by institutional investors and hedge funds.
Algoma Steel Group Company Profile
Algoma Steel Group Inc produces and sells steel products primarily in North America. It 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.
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