Renaissance Technologies LLC Raises Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

Renaissance Technologies LLC increased its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating) by 268.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,891,817 shares of the company’s stock after buying an additional 1,377,824 shares during the period. Renaissance Technologies LLC owned 1.29% of Algoma Steel Group worth $12,183,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Donald Smith & CO. Inc. purchased a new stake in Algoma Steel Group during the third quarter valued at about $20,673,000. TCW Group Inc. raised its position in Algoma Steel Group by 79.8% during the third quarter. TCW Group Inc. now owns 1,825,140 shares of the company’s stock valued at $11,754,000 after purchasing an additional 809,943 shares in the last quarter. Jane Street Group LLC purchased a new stake in Algoma Steel Group during the second quarter valued at about $5,566,000. Invesco Senior Secured Management Inc. ADV raised its position in Algoma Steel Group by 15.7% during the third quarter. Invesco Senior Secured Management Inc. ADV now owns 2,806,214 shares of the company’s stock valued at $18,072,000 after purchasing an additional 380,000 shares in the last quarter. Finally, Bank of Montreal Can raised its position in Algoma Steel Group by 487.6% during the third quarter. Bank of Montreal Can now owns 448,774 shares of the company’s stock valued at $3,553,000 after purchasing an additional 372,406 shares in the last quarter. Hedge funds and other institutional investors own 63.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ASTL. BMO Capital Markets raised their price target on Algoma Steel Group from C$11.00 to C$15.00 in a research report on Wednesday, February 15th. Stifel Nicolaus upgraded Algoma Steel Group from a “hold” rating to a “buy” rating in a research report on Wednesday, January 18th.

Algoma Steel Group Stock Up 7.3 %

Shares of NASDAQ:ASTL opened at $9.06 on Friday. The stock’s 50-day moving average price is $7.37 and its 200-day moving average price is $7.33. Algoma Steel Group Inc. has a 12-month low of $5.64 and a 12-month high of $12.50. The stock has a market capitalization of $938.33 million, a P/E ratio of 4.25 and a beta of 1.51. The company has a current ratio of 3.67, a quick ratio of 1.47 and a debt-to-equity ratio of 0.07.

Algoma Steel Group Announces Dividend

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

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.