Algoma Steel Group (NASDAQ:ASTL) Downgraded by Stifel Canada to "Hold"

Stifel Canada lowered shares of Algoma Steel Group (NASDAQ:ASTL - Free Report) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Algoma Steel Group Stock Up 2.7 %

NASDAQ:ASTL traded up $0.13 on Thursday, hitting $4.98. The stock had a trading volume of 558,885 shares, compared to its average volume of 684,481. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. Algoma Steel Group has a 52 week low of $4.17 and a 52 week high of $12.14. The business's fifty day moving average is $6.00 and its 200 day moving average is $8.42. The company has a market cap of $522.57 million, a PE ratio of -3.92 and a beta of 1.57.

Algoma Steel Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 21st were paid a dividend of $0.05 per share. The ex-dividend date was Friday, March 21st. This represents a $0.20 dividend on an annualized basis and a yield of 4.02%. Algoma Steel Group's dividend payout ratio (DPR) is presently -17.54%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Intact Investment Management Inc. raised its holdings in shares of Algoma Steel Group by 24.6% in the 1st quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company's stock worth $7,945,000 after acquiring an additional 288,861 shares during the last quarter. NewGen Asset Management Ltd increased its holdings in Algoma Steel Group by 26.5% during the 1st quarter. NewGen Asset Management Ltd now owns 732,500 shares of the company's stock worth $3,970,000 after purchasing an additional 153,600 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Algoma Steel Group in the fourth quarter worth approximately $1,955,000. Public Employees Retirement System of Ohio bought a new position in shares of Algoma Steel Group in the fourth quarter valued at approximately $462,000. Finally, Woodline Partners LP boosted its position in shares of Algoma Steel Group by 59.2% during the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company's stock valued at $27,819,000 after buying an additional 1,057,517 shares during the last quarter. 72.00% of the stock is owned by institutional investors.

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.