JPMorgan Chase & Co. Increases Stock Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

JPMorgan Chase & Co. grew its stake in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 16.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 357,367 shares of the company's stock after purchasing an additional 49,642 shares during the period. JPMorgan Chase & Co. owned about 0.34% of Algoma Steel Group worth $3,656,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. FMR LLC bought a new position in Algoma Steel Group during the 3rd quarter worth $36,008,000. Intact Investment Management Inc. raised its position in shares of Algoma Steel Group by 6.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,298,600 shares of the company's stock worth $13,309,000 after acquiring an additional 80,700 shares in the last quarter. Yaupon Capital Management LP acquired a new position in shares of Algoma Steel Group in the 3rd quarter valued at about $9,165,000. Invenomic Capital Management LP boosted its position in shares of Algoma Steel Group by 112.1% during the 3rd quarter. Invenomic Capital Management LP now owns 636,917 shares of the company's stock valued at $6,516,000 after purchasing an additional 336,687 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in Algoma Steel Group by 1.7% during the second quarter. Bank of Montreal Can now owns 364,422 shares of the company's stock worth $2,536,000 after purchasing an additional 6,154 shares during the period. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Stock Up 0.8 %

Shares of ASTL stock traded up $0.07 on Friday, reaching $8.32. 282,813 shares of the company were exchanged, compared to its average volume of 563,355. The company has a 50-day moving average of $9.93 and a 200-day moving average of $9.70. The company has a market cap of $872.43 million, a price-to-earnings ratio of -6.55 and a beta of 1.49. 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 one year low of $6.67 and a one year high of $12.14.

Algoma Steel Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Wednesday, November 27th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Wednesday, November 27th. Algoma Steel Group's dividend payout ratio is currently -15.75%.

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.