Algoma Steel Group Inc. (NASDAQ:ASTL) Sees Large Drop in Short Interest

Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 3,420,000 shares, a decline of 31.9% from the March 15th total of 5,020,000 shares. Currently, 14.6% of the shares of the stock are short sold. Based on an average daily volume of 815,300 shares, the days-to-cover ratio is currently 4.2 days.

Shares of ASTL stock opened at $10.82 on Friday. The company has a 50-day moving average price of $10.29. Algoma Steel Group has a twelve month low of $8.00 and a twelve month high of $13.65. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.75 and a quick ratio of 1.15.

Algoma Steel Group (NASDAQ:ASTL – Get Rating) last announced its earnings results on Thursday, February 10th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $1.55 by ($0.82). The company had revenue of $844.83 million for the quarter, compared to analysts’ expectations of $815.04 million. On average, analysts expect that Algoma Steel Group will post 8.3 EPS for the current year.

The firm also recently declared a — dividend, which was paid on Thursday, March 31st. Shareholders of record on Monday, February 28th were issued a $0.0395 dividend. This represents a yield of 1.7%. The ex-dividend date of this dividend was Friday, February 25th.

Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new stake in Algoma Steel Group in the 4th quarter valued at about $37,000. Penserra Capital Management LLC purchased a new stake in Algoma Steel Group in the 4th quarter valued at about $76,000. Toronto Dominion Bank purchased a new stake in Algoma Steel Group in the 4th quarter valued at about $107,000. Cubist Systematic Strategies LLC purchased a new stake in Algoma Steel Group in the 4th quarter valued at about $108,000. Finally, Citadel Advisors LLC purchased a new stake in Algoma Steel Group in the 4th quarter valued at about $169,000. Institutional investors own 50.54% of the company’s stock.

Separately, Zacks Investment Research raised shares of Algoma Steel Group from a “sell” rating to a “hold” rating in a research note on Friday.

Algoma Steel Group Company Profile (Get Rating)

Algoma Steel Group Inc produces and sells steel products primarily in North America. It provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled, floor plate, and cut-to-length products for the automotive industry; 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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