Algoma Steel Group (NASDAQ:ASTL) Shares Gap Up - Time to Buy?

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $4.71, but opened at $4.87. Algoma Steel Group shares last traded at $4.80, with a volume of 21,811 shares traded.

Analyst Upgrades and Downgrades

Separately, Stifel Canada downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday.

Algoma Steel Group Stock Performance

The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $508.93 million, a price-to-earnings ratio of -3.82 and a beta of 1.57. The stock's 50-day moving average is $6.13 and its 200-day moving average is $8.48.

Algoma Steel Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 21st were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date was Friday, March 21st. Algoma Steel Group's payout ratio is -17.54%.

Hedge Funds Weigh In On Algoma Steel Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Gamco Investors INC. ET AL grew its stake in Algoma Steel Group by 4.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company's stock worth $320,000 after purchasing an additional 1,350 shares during the period. Geode Capital Management LLC increased its position in Algoma Steel Group by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 152,846 shares of the company's stock valued at $1,499,000 after buying an additional 1,985 shares in the last quarter. Legal & General Group Plc raised its stake in Algoma Steel Group by 4.8% during the 4th quarter. Legal & General Group Plc now owns 80,745 shares of the company's stock worth $790,000 after buying an additional 3,666 shares during the period. Van ECK Associates Corp grew its stake in Algoma Steel Group by 4.0% in the fourth quarter. Van ECK Associates Corp now owns 103,555 shares of the company's stock valued at $1,013,000 after acquiring an additional 3,944 shares during the period. Finally, American Century Companies Inc. boosted its stake in Algoma Steel Group by 3.2% during the 4th quarter. American Century Companies Inc. now owns 172,428 shares of the company's stock valued at $1,689,000 after purchasing an additional 5,296 shares during the last quarter. 72.00% of the stock is owned by institutional investors and hedge funds.

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.