JPMorgan Chase & Co. Sells 173,777 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

JPMorgan Chase & Co. trimmed its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 48.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 183,590 shares of the company’s stock after selling 173,777 shares during the period. JPMorgan Chase & Co. owned about 0.18% of Algoma Steel Group worth $1,796,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new stake in shares of Algoma Steel Group in the 4th quarter valued at about $1,248,000. Stifel Financial Corp bought a new position in shares of Algoma Steel Group during the third quarter worth about $390,000. Geode Capital Management LLC raised its position in Algoma Steel Group by 38.4% in the 3rd quarter. Geode Capital Management LLC now owns 150,861 shares of the company’s stock valued at $1,545,000 after buying an additional 41,835 shares during the last quarter. Barclays PLC lifted its stake in Algoma Steel Group by 147.1% in the 3rd quarter. Barclays PLC now owns 25,711 shares of the company’s stock valued at $263,000 after acquiring an additional 15,305 shares in the last quarter. Finally, Corient Private Wealth LLC acquired a new position in Algoma Steel Group during the 4th quarter worth approximately $147,000. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Stock Performance

Shares of NASDAQ ASTL opened at $5.25 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The stock has a 50 day moving average price of $5.88 and a 200 day moving average price of $8.36. The stock has a market capitalization of $550.90 million, a PE ratio of -4.13 and a beta of 1.57. Algoma Steel Group Inc. has a 52 week low of $4.17 and a 52 week high of $12.14.

Algoma Steel Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Friday, March 21st were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, March 21st. This represents a $0.20 annualized dividend and a dividend yield of 3.81%. Algoma Steel Group’s dividend payout ratio is presently -17.54%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ASTL. Stifel Canada lowered shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 17th. Royal Bank of Canada raised shares of Algoma Steel Group to a “hold” rating in a research report on Tuesday.

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.