Algoma Steel Group Inc. (NASDAQ:ASTL) is Solas Capital Management LLC's 7th Largest Position

Solas Capital Management LLC boosted its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 7.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,060,646 shares of the company's stock after acquiring an additional 70,000 shares during the period. Algoma Steel Group comprises about 6.9% of Solas Capital Management LLC's portfolio, making the stock its 7th largest position. Solas Capital Management LLC owned approximately 1.01% of Algoma Steel Group worth $10,373,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ASTL. Assenagon Asset Management S.A. bought a new position in shares of Algoma Steel Group during the fourth quarter valued at approximately $1,248,000. JPMorgan Chase & Co. increased its holdings in shares of Algoma Steel Group by 16.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 357,367 shares of the company's stock valued at $3,656,000 after acquiring an additional 49,642 shares during the period. Hartree Partners LP raised its position in shares of Algoma Steel Group by 44.4% in the 4th quarter. Hartree Partners LP now owns 152,751 shares of the company's stock worth $1,494,000 after acquiring an additional 46,984 shares in the last quarter. Stifel Financial Corp purchased a new stake in shares of Algoma Steel Group during the 3rd quarter worth $390,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in Algoma Steel Group by 276.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company's stock valued at $12,884,000 after purchasing an additional 966,976 shares in the last quarter. 72.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stifel Canada downgraded shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Royal Bank of Canada raised Algoma Steel Group to a "hold" rating in a research report on Tuesday, April 22nd.

Algoma Steel Group Stock Performance

NASDAQ:ASTL traded down $0.04 during midday trading on Tuesday, hitting $5.07. The company's stock had a trading volume of 1,522,501 shares, compared to its average volume of 701,600. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66. Algoma Steel Group Inc. has a fifty-two week low of $4.17 and a fifty-two week high of $12.14. The firm's 50 day moving average is $5.77 and its 200-day moving average is $8.27. The firm has a market cap of $532.02 million, a P/E ratio of -3.99 and a beta of 1.57.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its 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. Algoma Steel Group had a negative net margin of 6.30% and a negative return on equity of 10.63%. Equities analysts anticipate that Algoma Steel Group Inc. will post -0.63 earnings per share for the current fiscal year.

Algoma Steel Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Friday, March 21st were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 21st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.94%. Algoma Steel Group's payout ratio is -17.54%.

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.