Algoma Steel Group (NASDAQ:ASTL) Sees Large Volume Increase – Should You Buy?

Algoma Steel Group Inc. (NASDAQ:ASTL) shares saw unusually-high trading volume on Monday . Approximately 546,550 shares were traded during trading, a decline of 5% from the previous session’s volume of 572,724 shares.The stock last traded at $5.89 and had previously closed at $6.38.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The firm’s 50 day simple moving average is $7.99 and its 200-day simple moving average is $9.47. The company has a market cap of $609.38 million, a price-to-earnings ratio of -4.57 and a beta of 1.48.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Gamco Investors INC. ET AL raised its holdings in shares of Algoma Steel Group by 4.3% during the 4th quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company’s stock worth $320,000 after acquiring an additional 1,350 shares during the period. Geode Capital Management LLC raised its holdings in shares of Algoma Steel Group by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 152,846 shares of the company’s stock worth $1,499,000 after acquiring an additional 1,985 shares during the period. Legal & General Group Plc raised its holdings in shares of Algoma Steel Group by 4.8% during the 4th quarter. Legal & General Group Plc now owns 80,745 shares of the company’s stock worth $790,000 after acquiring an additional 3,666 shares during the period. Van ECK Associates Corp raised its holdings in shares of Algoma Steel Group by 4.0% during the 4th quarter. Van ECK Associates Corp now owns 103,555 shares of the company’s stock worth $1,013,000 after acquiring an additional 3,944 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Algoma Steel Group by 3.2% during the 4th quarter. American Century Companies Inc. now owns 172,428 shares of the company’s stock worth $1,689,000 after acquiring an additional 5,296 shares during the period. Hedge funds and other 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.