Algoma Steel Group (NASDAQ:ASTL) Shares Gap Up to $6.45

Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $6.45, but opened at $6.73. Algoma Steel Group shares last traded at $6.81, with a volume of 64,173 shares.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Stifel Nicolaus raised shares of Algoma Steel Group from a “hold” rating to a “buy” rating in a research report on Wednesday. BMO Capital Markets dropped their target price on shares of Algoma Steel Group from C$14.00 to C$11.00 in a research report on Tuesday, January 10th.

Algoma Steel Group Stock Performance

The company’s 50 day moving average price is $6.36 and its 200-day moving average price is $7.61. 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 company has a market cap of $713.58 million, a PE ratio of 2.07 and a beta of 1.29.

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

Algoma Steel Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 30th. Stockholders 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 dividend yield of 2.90%. Algoma Steel Group’s payout ratio is currently 6.01%.

Institutional Investors Weigh In On Algoma Steel Group

Large investors have recently modified their holdings of the stock. Anson Funds Management LP purchased a new position in Algoma Steel Group in the 3rd quarter valued at approximately $322,000. SeaCrest Wealth Management LLC purchased a new position in Algoma Steel Group in the 3rd quarter valued at approximately $113,000. Neuberger Berman Group LLC purchased a new position in Algoma Steel Group in the 3rd quarter valued at approximately $460,000. Philosophy Capital Management LLC grew its stake in Algoma Steel Group by 19.5% in the 3rd quarter. Philosophy Capital Management LLC now owns 2,977,861 shares of the company’s stock valued at $19,177,000 after buying an additional 485,266 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its stake in Algoma Steel Group by 34.1% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 191,769 shares of the company’s stock valued at $1,235,000 after buying an additional 48,769 shares in the last quarter. Hedge funds and other institutional investors own 63.83% of the company’s stock.

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.