Algoma Steel Group (NASDAQ:ASTL) Upgraded to "Hold" at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Algoma Steel Group (NASDAQ:ASTL - Free Report) to a hold rating in a research note issued to investors on Tuesday, April 22nd,Zacks.com reports.

Separately, Stifel Canada cut Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th.

Algoma Steel Group Stock Performance

Algoma Steel Group stock traded down $0.02 during midday trading on Tuesday, reaching $5.09. 551,661 shares of the company's stock were exchanged, compared to its average volume of 695,689. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The stock's 50-day simple moving average is $5.77 and its 200 day simple moving average is $8.27. The firm has a market cap of $534.11 million, a price-to-earnings ratio of -4.01 and a beta of 1.57. Algoma Steel Group has a 52 week low of $4.17 and a 52 week high of $12.14.

Algoma Steel Group Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend was Friday, March 21st. Algoma Steel Group's dividend payout ratio is -17.54%.

Institutional Investors Weigh In On Algoma Steel Group

Hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP lifted its holdings 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 worth $27,819,000 after buying an additional 1,057,517 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Algoma Steel Group by 276.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company's stock worth $12,884,000 after purchasing an additional 966,976 shares during the period. Empyrean Capital Partners LP bought a new position in shares of Algoma Steel Group in the fourth quarter worth $9,017,000. AYAL Capital Advisors Ltd increased its position in shares of Algoma Steel Group by 55.0% in the fourth quarter. AYAL Capital Advisors Ltd now owns 949,284 shares of the company's stock worth $9,284,000 after purchasing an additional 336,784 shares during the period. Finally, Intact Investment Management Inc. increased its position in shares of Algoma Steel Group by 24.6% in the first quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company's stock worth $7,945,000 after purchasing an additional 288,861 shares during the period. Institutional investors and hedge funds own 72.00% of the company's stock.

Algoma Steel Group Company 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.