Algoma Steel Group (NASDAQ:ASTL) Sees Large Volume Increase – What’s Next?

Algoma Steel Group Inc. (NASDAQ:ASTL) shares saw unusually-high trading volume on Monday . Approximately 546,550 shares traded hands during trading, a decline of 5% from the previous session’s volume of 572,724 shares.The stock last traded at $5.89 and had previously closed at $6.38.

Algoma Steel Group Stock Up 5.6 %

The firm has a market cap of $609.38 million, a price-to-earnings ratio of -4.57 and a beta of 1.48. The business’s 50 day moving average price is $7.99 and its 200 day moving average price is $9.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31.

Institutional Investors Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC acquired a new stake in Algoma Steel Group in the 3rd quarter valued at $36,008,000. Woodline Partners LP grew its stake in Algoma Steel Group by 59.2% in the 4th quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock valued at $27,819,000 after acquiring an additional 1,057,517 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. grew its stake in Algoma Steel Group by 1.0% in the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company’s stock valued at $21,320,000 after acquiring an additional 22,049 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Algoma Steel Group by 276.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock valued at $12,884,000 after acquiring an additional 966,976 shares during the period. Finally, J. Goldman & Co LP boosted its stake in Algoma Steel Group by 1.5% during the 4th quarter. J. Goldman & Co LP now owns 1,226,375 shares of the company’s stock worth $11,994,000 after purchasing an additional 17,802 shares during the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

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.