Algoma Steel Group (TSE:ASTL) Sets New 1-Year High - Here's Why

Algoma Steel Group Inc. (TSE:ASTL - Get Free Report)'s share price hit a new 52-week high on Monday . The company traded as high as C$14.81 and last traded at C$14.48, with a volume of 65151 shares changing hands. The stock had previously closed at C$13.63.

Wall Street Analysts Forecast Growth

ASTL has been the subject of a number of recent research reports. Cormark increased their price objective on shares of Algoma Steel Group from C$14.50 to C$18.75 in a research note on Monday, July 22nd. Stifel Nicolaus raised their price objective on shares of Algoma Steel Group from C$16.00 to C$19.00 in a research report on Thursday, August 15th. Finally, BMO Capital Markets raised their target price on shares of Algoma Steel Group from C$13.00 to C$15.00 in a research note on Thursday, August 15th.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 40.70, a current ratio of 4.19 and a quick ratio of 1.51. The stock's 50-day simple moving average is C$13.64 and its 200 day simple moving average is C$11.82. The stock has a market capitalization of C$1.53 billion, a P/E ratio of -67.00 and a beta of 1.50.

Algoma Steel Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 27th were given a dividend of $0.05 per share. The ex-dividend date was Friday, August 23rd. This represents a $0.20 annualized dividend and a yield of 1.37%. Algoma Steel Group's dividend payout ratio is -122.73%.

Insiders Place Their Bets

In other Algoma Steel Group news, Director David Daniel Sgro sold 6,845 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of C$10.06, for a total transaction of C$68,842.90. In other news, Director David Daniel Sgro sold 6,845 shares of the company's stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of C$10.06, for a total value of C$68,842.90. Also, Director Michael Allan Mcquade sold 36,260 shares of the company's stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of C$13.80, for a total value of C$500,388.00. Insiders own 7.57% 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.

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