Algoma Central (TSE:ALC) Share Price Crosses Above Fifty Day Moving Average - Here's What Happened

Algoma Central Co. (TSE:ALC - Get Free Report)'s stock price passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$14.98 and traded as high as C$15.29. Algoma Central shares last traded at C$15.29, with a volume of 3,000 shares trading hands.

Analysts Set New Price Targets

Separately, BMO Capital Markets cut their price target on Algoma Central from C$18.00 to C$15.00 in a report on Monday, March 17th.

Algoma Central Stock Up 0.6 %

The business's 50 day moving average is C$14.99 and its 200-day moving average is C$14.94. The company has a market cap of C$629.68 million, a PE ratio of 8.54 and a beta of 0.72. The company has a debt-to-equity ratio of 50.70, a current ratio of 0.76 and a quick ratio of 2.06.

Algoma Central Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, March 3rd were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 5.20%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Algoma Central's previous quarterly dividend of $0.19. Algoma Central's dividend payout ratio is 42.19%.

Insiders Place Their Bets

In related news, Director Richard Brydone Carty sold 2,000 shares of the business's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of C$15.10, for a total value of C$30,200.00. 54.61% of the stock is owned by company insiders.

About Algoma Central

Algoma Central Corporation owns and operates a fleet of dry and liquid bulk carriers activities in Canada. The company operates through Domestic Dry-Bulk, Product Tankers, Ocean Self-Unloaders, Global Short Sea Shipping, and Investment Properties segments. The company operates dry-bulk carriers for industrial sectors, including producers in iron and steel, aggregate, cement and building materials, and salt producers as well as, agricultural product distributors.