Algoma Steel Group Inc. (NASDAQ:ASTL) Sees Significant Growth in Short Interest

Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating) was the recipient of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 6,500,000 shares, a growth of 8.9% from the February 13th total of 5,970,000 shares. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is presently 4.9 days.

Algoma Steel Group Trading Down 5.8 %

Algoma Steel Group stock opened at $7.64 on Thursday. The firm has a 50 day moving average of $7.67 and a 200 day moving average of $7.26. The firm has a market capitalization of $791.26 million, a price-to-earnings ratio of 3.59 and a beta of 1.51. Algoma Steel Group has a 12-month low of $5.64 and a 12-month high of $12.50. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Tuesday, February 28th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.62%. The ex-dividend date is Monday, February 27th. Algoma Steel Group’s dividend payout ratio is 9.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently 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, January 18th. BMO Capital Markets upped their price target on shares of Algoma Steel Group from C$11.00 to C$15.00 in a research report on Wednesday, February 15th.

Institutional Investors Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ASTL. UBS Group AG purchased a new stake in Algoma Steel Group in the 3rd quarter worth approximately $34,000. Deutsche Bank AG purchased a new stake in Algoma Steel Group in the 4th quarter worth approximately $42,000. Carnegie Capital Asset Management LLC purchased a new stake in Algoma Steel Group in the 4th quarter worth approximately $64,000. Quantamental Technologies LLC purchased a new stake in Algoma Steel Group during the 3rd quarter valued at approximately $70,000. Finally, Grantham Mayo Van Otterloo & Co. LLC purchased a new stake in Algoma Steel Group during the 3rd quarter valued at approximately $76,000. 63.83% of the stock is owned by hedge funds and other institutional investors.

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.