Algoma Steel Group Inc. (NASDAQ:ASTL) Shares Acquired by NewGen Asset Management Ltd

NewGen Asset Management Ltd lifted its position in Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 9.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 578,900 shares of the company's stock after purchasing an additional 50,000 shares during the quarter. Algoma Steel Group accounts for about 5.1% of NewGen Asset Management Ltd's holdings, making the stock its 5th largest holding. NewGen Asset Management Ltd owned approximately 0.55% of Algoma Steel Group worth $5,662,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Aquatic Capital Management LLC purchased a new stake in shares of Algoma Steel Group during the 4th quarter valued at about $64,000. Corient Private Wealth LLC purchased a new stake in Algoma Steel Group during the fourth quarter valued at approximately $147,000. Jump Financial LLC acquired a new stake in Algoma Steel Group during the 4th quarter worth about $204,000. Wells Fargo & Company MN acquired a new stake in Algoma Steel Group during the 4th quarter worth about $210,000. Finally, Terril Brothers Inc. purchased a new position in shares of Algoma Steel Group during the 4th quarter valued at about $214,000. Institutional investors own 72.00% of the company's stock.

Wall Street Analyst Weigh In

ASTL has been the subject of several recent analyst reports. Stifel Canada lowered Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th. Royal Bank of Canada upgraded Algoma Steel Group to a "hold" rating in a research note on Tuesday, April 22nd.

Algoma Steel Group Stock Down 0.8 %

Shares of ASTL traded down $0.04 during midday trading on Tuesday, hitting $5.07. The company had a trading volume of 1,522,501 shares, compared to its average volume of 701,600. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. Algoma Steel Group Inc. has a 1 year low of $4.17 and a 1 year high of $12.14. The company's 50-day simple moving average is $5.71 and its 200-day simple moving average is $8.25. The firm has a market capitalization of $532.02 million, a P/E ratio of -3.99 and a beta of 1.57.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported ($0.33) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.36. Algoma Steel Group had a negative net margin of 6.30% and a negative return on equity of 10.63%. As a group, sell-side analysts expect that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Algoma Steel Group Announces Dividend

The firm also recently disclosed 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 of this dividend was Friday, March 21st. This represents a $0.20 annualized dividend and a yield of 3.94%. Algoma Steel Group's dividend payout ratio is currently -17.54%.

Algoma Steel Group 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.