Mackenzie Financial Corp Buys Shares of 199,774 Algoma Steel Group Inc. (NASDAQ:ASTL)

Mackenzie Financial Corp bought a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 199,774 shares of the company’s stock, valued at approximately $1,955,000.

A number of other hedge funds have also made changes to their positions in the company. Gamco Investors INC. ET AL raised its holdings in shares of Algoma Steel Group by 4.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company’s stock valued at $320,000 after acquiring an additional 1,350 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Algoma Steel Group by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 152,846 shares of the company’s stock valued at $1,499,000 after acquiring an additional 1,985 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Algoma Steel Group by 4.8% during the fourth quarter. Legal & General Group Plc now owns 80,745 shares of the company’s stock valued at $790,000 after acquiring an additional 3,666 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Algoma Steel Group by 4.0% during the fourth quarter. Van ECK Associates Corp now owns 103,555 shares of the company’s stock valued at $1,013,000 after acquiring an additional 3,944 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Algoma Steel Group by 3.2% during the fourth quarter. American Century Companies Inc. now owns 172,428 shares of the company’s stock valued at $1,689,000 after acquiring an additional 5,296 shares during the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Royal Bank of Canada raised Algoma Steel Group to a “hold” rating in a report on Tuesday, April 22nd. Stifel Canada lowered Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 17th.

Algoma Steel Group Price Performance

ASTL stock opened at $5.27 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66. The business has a 50 day simple moving average of $5.27 and a 200-day simple moving average of $7.50. The firm has a market capitalization of $553.00 million, a PE ratio of -4.15 and a beta of 1.58. Algoma Steel Group Inc. has a 1 year low of $4.17 and a 1 year high of $12.14.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.36. The business had revenue of $359.30 million during the quarter, compared to analyst estimates of $327.56 million. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. Equities research analysts anticipate that Algoma Steel Group Inc. will post -0.63 earnings per share for the current fiscal year.

Algoma Steel Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were given a $0.05 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.80%. Algoma Steel Group’s dividend payout ratio (DPR) is presently -12.99%.

Algoma Steel Group Profile

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.