Algoma Steel Group (NASDAQ:ASTL) Trading Down 4.8% – Here’s What Happened

Algoma Steel Group Inc. (NASDAQ:ASTLGet Free Report) shares traded down 4.8% during trading on Monday . The company traded as low as $6.25 and last traded at $6.24. 132,116 shares were traded during trading, a decline of 79% from the average session volume of 619,517 shares. The stock had previously closed at $6.55.

Algoma Steel Group Trading Down 3.4 %

The firm has a market cap of $663.50 million, a PE ratio of -4.98 and a beta of 1.47. The firm has a fifty day simple moving average of $7.80 and a two-hundred day simple moving average of $9.39. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42.

Algoma Steel Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Friday, March 21st will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Friday, March 21st. Algoma Steel Group’s dividend payout ratio (DPR) is currently -17.54%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP raised its holdings in Algoma Steel Group by 23.5% in the third quarter. GSA Capital Partners LLP now owns 44,757 shares of the company’s stock worth $458,000 after buying an additional 8,502 shares during the last quarter. PCJ Investment Counsel Ltd. purchased a new position in Algoma Steel Group in the 3rd quarter worth approximately $1,879,000. FMR LLC bought a new position in Algoma Steel Group in the 3rd quarter valued at approximately $36,008,000. Quantbot Technologies LP boosted its stake in Algoma Steel Group by 831.9% during the 3rd quarter. Quantbot Technologies LP now owns 28,375 shares of the company’s stock valued at $290,000 after purchasing an additional 25,330 shares during the last quarter. Finally, Walleye Capital LLC increased its holdings in shares of Algoma Steel Group by 45.0% in the 3rd quarter. Walleye Capital LLC now owns 54,247 shares of the company’s stock worth $555,000 after purchasing an additional 16,843 shares in the last quarter. 72.00% of the stock is currently owned by institutional investors.

About Algoma Steel Group

(Get Free Report)

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.

Further Reading

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