Algoma Steel Group (NASDAQ:ASTL) Trading 5.6% Higher

Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating)’s share price traded up 5.6% on Friday . The company traded as high as $8.95 and last traded at $8.91. 440,156 shares traded hands during trading, a decline of 68% from the average session volume of 1,381,338 shares. The stock had previously closed at $8.44.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. BMO Capital Markets upped their target price on shares of Algoma Steel Group from C$11.00 to C$15.00 in a report on Wednesday, February 15th. Stifel Nicolaus raised shares of Algoma Steel Group from a “hold” rating to a “buy” rating in a report on Wednesday, January 18th.

Algoma Steel Group Trading Up 7.3 %

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.47 and a current ratio of 3.67. The firm has a market cap of $938.33 million, a PE ratio of 4.25 and a beta of 1.51. The stock’s 50 day simple moving average is $7.37 and its 200 day simple moving average is $7.33.

Algoma Steel Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Tuesday, February 28th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, February 27th. This represents a $0.20 dividend on an annualized basis and a yield of 2.21%. Algoma Steel Group’s dividend payout ratio is presently 9.39%.

Hedge Funds Weigh In On Algoma Steel Group

A number of hedge funds and other institutional investors have recently bought and sold shares of ASTL. JPMorgan Chase & Co. grew its stake in Algoma Steel Group by 1,414.9% in the 1st quarter. JPMorgan Chase & Co. now owns 51,508 shares of the company’s stock worth $579,000 after buying an additional 48,108 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Algoma Steel Group by 30.4% in the 1st quarter. Bank of Montreal Can now owns 75,868 shares of the company’s stock valued at $870,000 after purchasing an additional 17,698 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Algoma Steel Group in the 1st quarter valued at $561,000. Renaissance Technologies LLC purchased a new stake in shares of Algoma Steel Group in the 1st quarter valued at $730,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Algoma Steel Group in the 1st quarter valued at $249,000. Hedge funds and other institutional investors own 63.83% of the company’s stock.

About Algoma Steel Group

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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.