Algoma Steel Group (NASDAQ:ASTL) PT Raised to C$10.75

Algoma Steel Group (NASDAQ:ASTLGet Rating) had its price objective hoisted by Stifel Nicolaus from C$10.25 to C$10.75 in a report published on Monday morning, The Fly reports.

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 (NASDAQ:ASTLGet Rating) last issued its quarterly earnings data on Monday, November 7th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. The business had revenue of $459.36 million during the quarter, compared to analysts’ expectations of $462.92 million. Algoma Steel Group had a net margin of 21.31% and a return on equity of 56.35%. Equities research analysts expect that Algoma Steel Group will post 1.58 earnings per share for the current fiscal year.

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

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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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