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

Algoma Steel Group Inc. (NASDAQ:ASTL) 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

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.