Algoma Steel Group (NASDAQ:ASTL) Shares Gap Up to $7.86

Algoma Steel Group Inc. (NASDAQ:ASTL) shares gapped up prior to trading on Friday . The stock had previously closed at $7.86, but opened at $8.08. Algoma Steel Group shares last traded at $7.88, with a volume of 49,947 shares traded.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 2.88 and a quick ratio of 0.98. The business has a 50-day simple moving average of $8.11 and a 200 day simple moving average of $8.15. The firm has a market cap of $811.98 million, a PE ratio of 78.00 and a beta of 1.52.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings results on Tuesday, February 6th. The company reported ($0.57) EPS for the quarter. The company had revenue of $452.07 million during the quarter, compared to analysts’ expectations of $453.22 million. Algoma Steel Group had a return on equity of 3.84% and a net margin of 2.05%. Equities research analysts forecast that Algoma Steel Group Inc. will post 0.78 EPS for the current year.

Algoma Steel Group Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, February 29th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend was Wednesday, February 28th. Algoma Steel Group’s dividend payout ratio is currently 200.00%.

Institutional Trading of Algoma Steel Group

Several institutional investors have recently made changes to their positions in ASTL. JPMorgan Chase & Co. grew its position in shares of Algoma Steel Group by 1,414.9% during the first quarter. JPMorgan Chase & Co. now owns 51,508 shares of the company’s stock worth $579,000 after purchasing an additional 48,108 shares in the last quarter. Bank of Montreal Can grew its position in shares of Algoma Steel Group by 30.4% during the first quarter. Bank of Montreal Can now owns 75,868 shares of the company’s stock worth $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 during the first quarter worth about $561,000. Renaissance Technologies LLC purchased a new stake in shares of Algoma Steel Group during the first quarter worth about $730,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Algoma Steel Group during the first quarter worth about $249,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Company Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company 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.