Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) was the recipient of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 2,840,000 shares, a drop of 21.1% from the February 28th total of 3,600,000 shares. Based on an average daily volume of 924,200 shares, the short-interest ratio is presently 3.1 days. Approximately 2.7% of the shares of the stock are short sold.
Algoma Steel Group Price Performance
Shares of ASTL traded down $0.42 during mid-day trading on Friday, reaching $4.70. 1,148,365 shares of the stock traded hands, compared to its average volume of 655,137. The company has a market cap of $492.43 million, a price-to-earnings ratio of -3.70 and a beta of 1.47. Algoma Steel Group has a 1 year low of $4.52 and a 1 year high of $12.14. The firm has a fifty day moving average price of $7.10 and a 200 day moving average price of $8.98. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42.
Algoma Steel Group Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Friday, March 21st will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend is Friday, March 21st. Algoma Steel Group's payout ratio is -17.54%.
Hedge Funds Weigh In On Algoma Steel Group
A number of institutional investors have recently added to or reduced their stakes in the business. Aquatic Capital Management LLC purchased a new position in shares of Algoma Steel Group during the fourth quarter worth about $64,000. Wexford Capital LP purchased a new position in Algoma Steel Group in the 3rd quarter worth approximately $107,000. Squarepoint Ops LLC bought a new position in shares of Algoma Steel Group in the 4th quarter worth $114,000. Two Sigma Advisers LP bought a new position in shares of Algoma Steel Group in the 4th quarter worth $117,000. Finally, Corient Private Wealth LLC purchased a new stake in shares of Algoma Steel Group during the 4th quarter valued at $147,000. 72.00% of the stock is currently owned by institutional investors.
Algoma Steel Group Company Profile
(
Get Free Report)
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.
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