Algoma Steel Group (NASDAQ:ASTL) Shares Up 6.4% After Dividend Announcement

Algoma Steel Group Inc. (NASDAQ:ASTL) traded up 6.4% during trading on Thursday following a dividend announcement from the company. The company traded as high as $6.29 and last traded at $6.19. 560,152 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 945,567 shares. The stock had previously closed at $5.82.

The newly announced dividend which will be paid on Thursday, April 10th. Stockholders of record on Friday, March 21st will be issued a $0.05 dividend. The ex-dividend date is Friday, March 21st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.05%. Algoma Steel Group’s dividend payout ratio is presently -15.75%.

Algoma Steel Group Stock Performance

The company has a market cap of $686.99 million, a PE ratio of -5.16 and a beta of 1.48. The company has a 50-day moving average of $7.80 and a 200-day moving average of $9.40. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42.

Institutional Trading of Algoma Steel Group

Several institutional investors have recently made changes to their positions in ASTL. FMR LLC bought a new stake in Algoma Steel Group in the 3rd quarter worth about $36,008,000. Woodline Partners LP boosted its stake in shares of Algoma Steel Group by 59.2% in the 4th quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock worth $27,819,000 after buying an additional 1,057,517 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Algoma Steel Group by 276.2% in the fourth 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 in the last quarter. Empyrean Capital Partners LP purchased a new stake in shares of Algoma Steel Group during the fourth quarter valued at approximately $9,017,000. Finally, Yaupon Capital Management LP bought a new stake in Algoma Steel Group during the third quarter worth $9,165,000. Institutional investors 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.