Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Update

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 4,100,000 shares, a growth of 5.9% from the September 30th total of 3,870,000 shares. Based on an average daily trading volume, of 657,700 shares, the days-to-cover ratio is currently 6.2 days.

Algoma Steel Group Stock Performance

Shares of Algoma Steel Group stock traded down $0.26 during trading hours on Thursday, reaching $10.35. The company had a trading volume of 476,548 shares, compared to its average volume of 567,585. Algoma Steel Group has a one year low of $6.67 and a one year high of $10.71. The business has a fifty day simple moving average of $10.08 and a 200 day simple moving average of $8.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.19 and a quick ratio of 2.15. The firm has a market cap of $1.08 billion, a PE ratio of -28.68 and a beta of 1.50.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $0.04. The business had revenue of $475.44 million for the quarter, compared to analysts' expectations of $444.32 million. Algoma Steel Group had a negative net margin of 0.72% and a negative return on equity of 1.23%. On average, analysts anticipate that Algoma Steel Group will post -0.58 earnings per share for the current fiscal year.

Algoma Steel Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 23rd were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.93%. The ex-dividend date was Friday, August 23rd. Algoma Steel Group's dividend payout ratio (DPR) is -54.05%.

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Donald Smith & CO. Inc. raised its position in shares of Algoma Steel Group by 1.4% during the 1st quarter. Donald Smith & CO. Inc. now owns 9,758,398 shares of the company's stock valued at $82,849,000 after buying an additional 134,919 shares in the last quarter. MMCAP International Inc. SPC raised its stake in shares of Algoma Steel Group by 152.2% during the 1st quarter. MMCAP International Inc. SPC now owns 7,789,470 shares of the company's stock worth $66,133,000 after acquiring an additional 4,700,510 shares in the last quarter. Intact Investment Management Inc. boosted its holdings in Algoma Steel Group by 6.6% in the third 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 Algoma Steel Group during the 1st quarter valued at approximately $7,663,000. Finally, Bracebridge Capital LLC lifted its position in Algoma Steel Group by 11.4% during the 1st quarter. Bracebridge Capital LLC now owns 487,931 shares of the company's stock worth $4,143,000 after acquiring an additional 50,000 shares during the period. Institutional investors own 72.00% of the company's stock.

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.