Short Interest in Algoma Steel Group Inc. (NASDAQ:ASTL) Increases By 20.1%

Algoma Steel Group Inc. (NASDAQ:ASTL) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 3,410,000 shares, an increase of 20.1% from the March 15th total of 2,840,000 shares. Currently, 3.3% of the shares of the stock are short sold. Based on an average trading volume of 1,040,000 shares, the days-to-cover ratio is currently 3.3 days.

Algoma Steel Group Stock Performance

Shares of Algoma Steel Group stock opened at $4.85 on Wednesday. The company’s 50 day moving average price is $6.00 and its two-hundred day moving average price is $8.42. The firm has a market capitalization of $508.93 million, a P/E ratio of -3.82 and a beta of 1.57. Algoma Steel Group has a fifty-two week low of $4.17 and a fifty-two week high of $12.14. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66.

Algoma Steel Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Friday, March 21st were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Friday, March 21st. Algoma Steel Group’s dividend payout ratio (DPR) is -17.54%.

Analyst Upgrades and Downgrades

Separately, Stifel Canada downgraded shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 17th.

Institutional Investors Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Woodline Partners LP raised its position in Algoma Steel Group by 59.2% in the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock valued at $27,819,000 after purchasing an additional 1,057,517 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. raised its holdings in Algoma Steel Group by 1.0% in the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company’s stock valued at $21,320,000 after buying an additional 22,049 shares during the last quarter. Intact Investment Management Inc. boosted its position in Algoma Steel Group by 24.6% during the 1st quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company’s stock worth $7,945,000 after buying an additional 288,861 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Algoma Steel Group by 276.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock worth $12,884,000 after buying an additional 966,976 shares during the period. Finally, J. Goldman & Co LP grew its holdings in Algoma Steel Group by 1.5% during the 4th quarter. J. Goldman & Co LP now owns 1,226,375 shares of the company’s stock worth $11,994,000 after acquiring an additional 17,802 shares during the last quarter. 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.