Separately, BMO Capital Markets decreased their price objective on shares of Algoma Steel Group from C$14.00 to C$11.00 in a report on Tuesday, January 10th.
Algoma Steel Group Stock Up 4.5 %
Shares of NASDAQ:ASTL opened at $6.74 on Wednesday. Algoma Steel Group has a 12 month low of $5.64 and a 12 month high of $12.50. The company’s 50-day moving average price is $6.36 and its two-hundred day moving average price is $7.62. The company has a quick ratio of 1.79, a current ratio of 3.57 and a debt-to-equity ratio of 0.06. The firm has a market cap of $698.05 million, a P/E ratio of 2.02 and a beta of 1.29.
Algoma Steel Group Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Wednesday, November 30th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Tuesday, November 29th. Algoma Steel Group’s dividend payout ratio (DPR) is presently 6.01%.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Gamco Investors INC. ET AL boosted its stake in shares of Algoma Steel Group by 5.8% in the 3rd quarter. Gamco Investors INC. ET AL now owns 41,325 shares of the company’s stock valued at $266,000 after purchasing an additional 2,275 shares during the last quarter. ARS Investment Partners LLC raised its position in shares of Algoma Steel Group by 5.6% in the 2nd quarter. ARS Investment Partners LLC now owns 51,000 shares of the company’s stock valued at $458,000 after acquiring an additional 2,700 shares during the period. Burgundy Asset Management Ltd. raised its position in shares of Algoma Steel Group by 3.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 124,480 shares of the company’s stock valued at $1,111,000 after acquiring an additional 4,100 shares during the period. UBS Group AG acquired a new stake in shares of Algoma Steel Group in the 3rd quarter valued at approximately $34,000. Finally, Royal Bank of Canada raised its position in shares of Algoma Steel Group by 3.8% in the 3rd quarter. Royal Bank of Canada now owns 158,679 shares of the company’s stock valued at $1,022,000 after acquiring an additional 5,775 shares during the period. Institutional investors own 63.83% of the company’s stock.
About Algoma Steel Group
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.
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