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

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totalling 3,410,000 shares, a growth of 20.1% from the March 15th total of 2,840,000 shares. Based on an average trading volume of 1,040,000 shares, the days-to-cover ratio is presently 3.3 days. Currently, 3.3% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Aquatic Capital Management LLC purchased a new position in Algoma Steel Group during the 4th quarter valued at about $64,000. Squarepoint Ops LLC acquired a new stake in shares of Algoma Steel Group in the fourth quarter valued at approximately $114,000. Two Sigma Advisers LP purchased a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $117,000. Corient Private Wealth LLC acquired a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $147,000. Finally, Jump Financial LLC purchased a new stake in Algoma Steel Group in the 4th quarter valued at approximately $204,000. Institutional investors and hedge funds own 72.00% of the company's stock.

Algoma Steel Group Price Performance

Shares of ASTL traded down $0.12 on Friday, reaching $5.13. The stock had a trading volume of 1,122,012 shares, compared to its average volume of 692,761. Algoma Steel Group has a twelve month low of $4.17 and a twelve month high of $12.14. The firm has a market capitalization of $538.31 million, a PE ratio of -4.04 and a beta of 1.57. The firm has a 50-day moving average of $5.88 and a 200 day moving average of $8.36. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42.

Algoma Steel Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 21st were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 3.90%. The ex-dividend date was Friday, March 21st. Algoma Steel Group's dividend payout ratio (DPR) is -17.54%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Stifel Canada lowered shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th. Royal Bank of Canada raised shares of Algoma Steel Group to a "hold" rating in a report on Tuesday.

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.