Van ECK Associates Corp Acquires New Shares in Algoma Steel Group Inc. (NASDAQ:ASTL)

Van ECK Associates Corp acquired a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 103,716 shares of the company’s stock, valued at approximately $668,000. Van ECK Associates Corp owned about 0.07% of Algoma Steel Group at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. ARS Investment Partners LLC boosted its position in Algoma Steel Group by 5.6% during the second quarter. ARS Investment Partners LLC now owns 51,000 shares of the company’s stock valued at $458,000 after purchasing an additional 2,700 shares during the last quarter. Burgundy Asset Management Ltd. lifted its position in shares of Algoma Steel Group by 3.4% in the second quarter. Burgundy Asset Management Ltd. now owns 124,480 shares of the company’s stock worth $1,111,000 after buying an additional 4,100 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Algoma Steel Group by 198.6% in the second quarter. National Bank of Canada FI now owns 8,958 shares of the company’s stock worth $80,000 after buying an additional 5,958 shares during the last quarter. Ulland Investment Advisors LLC acquired a new stake in shares of Algoma Steel Group in the second quarter worth about $55,000. Finally, Mackenzie Financial Corp lifted its position in shares of Algoma Steel Group by 16.9% in the third quarter. Mackenzie Financial Corp now owns 56,587 shares of the company’s stock worth $364,000 after buying an additional 8,200 shares during the last quarter. Institutional investors and hedge funds own 63.83% of the company’s stock.

Algoma Steel Group Price Performance

NASDAQ ASTL opened at $6.38 on Tuesday. Algoma Steel Group Inc. has a twelve month low of $5.64 and a twelve month high of $12.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.79 and a current ratio of 3.57. The stock has a market capitalization of $660.76 million, a PE ratio of 1.92 and a beta of 1.29. The stock has a 50-day simple moving average of $6.37 and a 200 day simple moving average of $7.64.

Algoma Steel Group (NASDAQ:ASTL – Get Rating) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.05. Algoma Steel Group had a return on equity of 56.35% and a net margin of 21.31%. The business had revenue of $459.36 million during the quarter, compared to analysts’ expectations of $462.92 million. Research analysts anticipate that Algoma Steel Group Inc. will post 1.58 EPS for the current year.

Algoma Steel Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Wednesday, November 30th were paid a dividend of $0.05 per share. The ex-dividend date was Tuesday, November 29th. This represents a $0.20 annualized dividend and a yield of 3.13%. Algoma Steel Group’s dividend payout ratio is 6.01%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ASTL shares. BMO Capital Markets reduced their price target on Algoma Steel Group from C$14.00 to C$11.00 in a research report on Tuesday, January 10th. Stifel Nicolaus boosted their price target on Algoma Steel Group from C$10.25 to C$10.75 in a research report on Monday, November 21st.

Algoma Steel Group Company Profile

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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 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.