Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Update

Algoma Steel Group Inc. (NASDAQ:ASTL) was the target of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 3,490,000 shares, a decrease of 6.2% from the March 31st total of 3,720,000 shares. Based on an average daily trading volume, of 584,500 shares, the short-interest ratio is presently 6.0 days.

Institutional Investors Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. MMCAP International Inc. SPC purchased a new stake in shares of Algoma Steel Group during the 4th quarter valued at approximately $30,364,000. Donald Smith & CO. Inc. raised its position in Algoma Steel Group by 25.6% in the fourth quarter. Donald Smith & CO. Inc. now owns 9,623,479 shares of the company’s stock valued at $96,523,000 after purchasing an additional 1,959,530 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in shares of Algoma Steel Group in the 4th quarter valued at $19,461,000. CastleKnight Management LP grew its holdings in shares of Algoma Steel Group by 123.0% during the 4th quarter. CastleKnight Management LP now owns 345,500 shares of the company’s stock worth $3,465,000 after purchasing an additional 190,600 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Algoma Steel Group by 93.5% during the 4th quarter. Russell Investments Group Ltd. now owns 251,132 shares of the company’s stock worth $2,527,000 after purchasing an additional 121,323 shares during the last quarter. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Stock Performance

NASDAQ:ASTL opened at $7.88 on Tuesday. The company has a market cap of $820.31 million, a P/E ratio of 78.80 and a beta of 1.52. Algoma Steel Group has a twelve month low of $6.34 and a twelve month high of $10.25. The company’s 50-day moving average price is $8.06 and its 200-day moving average price is $8.22. The company has a current ratio of 2.88, a quick ratio of 0.98 and a debt-to-equity ratio of 0.09.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Tuesday, February 6th. The company reported ($0.57) earnings per share for the quarter. The business 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%. On average, sell-side analysts forecast that Algoma Steel Group will post 0.77 earnings per share for the current fiscal year.

Algoma Steel Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 29th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Wednesday, February 28th. Algoma Steel Group’s payout ratio is currently 200.00%.

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.