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

Shares of Algoma Central Co. (TSE:ALC - Get Free Report) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$15.01 and traded as high as C$15.48. Algoma Central shares last traded at C$15.36, with a volume of 8,279 shares changing hands.

Wall Street Analysts Forecast Growth

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

Algoma Central Stock Down 3.7 %

The company's 50 day simple moving average is C$15.02 and its 200-day simple moving average is C$14.90. The firm has a market capitalization of C$601.84 million, a PE ratio of 8.16 and a beta of 0.72. The company has a debt-to-equity ratio of 50.70, a quick ratio of 2.06 and a current ratio of 0.76.

Algoma Central Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Monday, March 3rd were issued a dividend of $0.20 per share. This is a positive change from Algoma Central's previous quarterly dividend of $0.19. The ex-dividend date was Friday, February 14th. This represents a $0.80 annualized dividend and a dividend yield of 5.44%. Algoma Central's payout ratio is presently 42.19%.

Insider Buying and Selling

In other news, Director Richard Brydone Carty sold 2,000 shares of Algoma Central stock in a transaction on Friday, February 28th. The shares were sold at an average price of C$15.10, for a total transaction of C$30,200.00. 54.61% of the stock is owned by company insiders.

Algoma Central Company Profile

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.