Algoma Steel Group Inc. (NASDAQ:ASTL) Sees Large Decrease in Short Interest

Algoma Steel Group Inc. (NASDAQ:ASTL) saw a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 3,490,000 shares, a decrease of 6.2% from the March 31st total of 3,720,000 shares. Based on an average daily volume of 584,500 shares, the short-interest ratio is presently 6.0 days.

Institutional Trading of Algoma Steel Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. CIBC Asset Management Inc grew its stake in Algoma Steel Group by 2.3% in the 3rd quarter. CIBC Asset Management Inc now owns 87,585 shares of the company’s stock worth $596,000 after acquiring an additional 1,939 shares in the last quarter. Meixler Investment Management Ltd. purchased a new stake in shares of Algoma Steel Group in the 3rd quarter worth approximately $83,000. Jump Financial LLC purchased a new stake in shares of Algoma Steel Group in the 3rd quarter worth approximately $455,000. Gamco Investors INC. ET AL boosted its stake in shares of Algoma Steel Group by 3.2% during the third quarter. Gamco Investors INC. ET AL now owns 64,325 shares of the company’s stock valued at $437,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in Algoma Steel Group during the third quarter valued at approximately $73,000. 72.00% of the stock is currently owned by institutional investors.

Algoma Steel Group Stock Performance

Algoma Steel Group stock opened at $7.88 on Tuesday. Algoma Steel Group has a 1-year low of $6.34 and a 1-year high of $10.25. The company’s 50-day moving average is $8.06 and its 200 day moving average is $8.22. The firm has a market capitalization of $820.31 million, a P/E ratio of 78.80 and a beta of 1.52. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.88 and a quick ratio of 0.98.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.57) earnings per share for the quarter. Algoma Steel Group had a return on equity of 3.84% and a net margin of 2.05%. The business had revenue of $452.07 million during the quarter, compared to analysts’ expectations of $453.22 million. Research analysts forecast that Algoma Steel Group will post 0.77 EPS for the current year.

Algoma Steel Group Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 29th were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $0.20 dividend on an annualized basis and a yield of 2.54%. Algoma Steel Group’s payout ratio is 200.00%.

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.