Algoma Steel Group (NASDAQ:ASTL) Sees Unusually-High Trading Volume – What’s Next?

Algoma Steel Group Inc. (NASDAQ:ASTL) saw unusually-strong trading volume on Tuesday . Approximately 224,188 shares traded hands during mid-day trading, a decline of 61% from the previous session’s volume of 576,482 shares.The stock last traded at $10.73 and had previously closed at $11.07.

Algoma Steel Group Stock Performance

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 stock has a market capitalization of $1.12 billion, a P/E ratio of -8.72 and a beta of 1.49. The business has a 50-day moving average price of $10.41 and a 200 day moving average price of $9.14.

Algoma Steel Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Wednesday, November 27th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Wednesday, November 27th. Algoma Steel Group’s dividend payout ratio (DPR) is -15.75%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ASTL. FMR LLC bought a new stake in shares of Algoma Steel Group during the third quarter valued at approximately $36,008,000. Intact Investment Management Inc. lifted its stake in Algoma Steel Group by 6.6% during the 3rd quarter. Intact Investment Management Inc. now owns 1,298,600 shares of the company’s stock valued at $13,309,000 after acquiring an additional 80,700 shares during the period. Yaupon Capital Management LP purchased a new stake in shares of Algoma Steel Group during the 1st quarter valued at about $7,663,000. Invenomic Capital Management LP lifted its position in Algoma Steel Group by 112.1% during the third quarter. Invenomic Capital Management LP now owns 636,917 shares of the company’s stock valued at $6,516,000 after purchasing an additional 336,687 shares during the period. Finally, Bank of Montreal Can grew its holdings in shares of Algoma Steel Group by 1.7% in the second quarter. Bank of Montreal Can now owns 364,422 shares of the company’s stock worth $2,536,000 after acquiring an additional 6,154 shares during the period. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Company 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.