Algoma Steel Group (NASDAQ:ASTL) Stock Price Down 4.8% – Should You Sell?

Algoma Steel Group Inc. (NASDAQ:ASTL) traded down 4.8% on Monday . The company traded as low as $6.25 and last traded at $6.24. 132,116 shares were traded during mid-day trading, a decline of 79% from the average session volume of 619,517 shares. The stock had previously closed at $6.55.

Algoma Steel Group Price Performance

The firm has a market capitalization of $663.50 million, a P/E ratio of -4.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The business has a 50 day simple moving average of $7.80 and a two-hundred day simple moving average of $9.39.

Algoma Steel Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Friday, March 21st will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, March 21st. This represents a $0.20 dividend on an annualized basis and a yield of 3.16%. Algoma Steel Group’s payout ratio is -17.54%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC purchased a new position in Algoma Steel Group in the 3rd quarter worth approximately $36,008,000. Assenagon Asset Management S.A. purchased a new position in shares of Algoma Steel Group in the fourth quarter worth $1,248,000. JPMorgan Chase & Co. raised its holdings in Algoma Steel Group by 16.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 357,367 shares of the company’s stock valued at $3,656,000 after buying an additional 49,642 shares during the last quarter. Stifel Financial Corp purchased a new stake in Algoma Steel Group during the 3rd quarter valued at $390,000. Finally, PCJ Investment Counsel Ltd. bought a new stake in Algoma Steel Group in the 3rd quarter worth $1,879,000. 72.00% of the stock is owned by institutional investors.

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.