Wells Fargo & Company MN Invests $210,000 in Algoma Steel Group Inc. (NASDAQ:ASTL)

Wells Fargo & Company MN purchased a new stake in Algoma Steel Group Inc. (NASDAQ:ASTL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 21,477 shares of the company’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ASTL. Corient Private Wealth LLC bought a new position in shares of Algoma Steel Group in the fourth quarter valued at approximately $147,000. Terril Brothers Inc. bought a new position in Algoma Steel Group during the 4th quarter valued at $214,000. Barclays PLC boosted its holdings in Algoma Steel Group by 147.1% during the 3rd quarter. Barclays PLC now owns 25,711 shares of the company’s stock worth $263,000 after acquiring an additional 15,305 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Algoma Steel Group by 31.4% in the 4th quarter. National Bank of Canada FI now owns 42,165 shares of the company’s stock worth $413,000 after acquiring an additional 10,065 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Algoma Steel Group by 4.0% in the fourth quarter. Van ECK Associates Corp now owns 103,555 shares of the company’s stock valued at $1,013,000 after purchasing an additional 3,944 shares during the last quarter. Institutional investors own 72.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ASTL. Royal Bank of Canada raised Algoma Steel Group to a “hold” rating in a research report on Tuesday, April 22nd. Stifel Canada lowered Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 17th.

Algoma Steel Group Price Performance

Shares of NASDAQ:ASTL opened at $5.81 on Friday. The firm has a market capitalization of $609.67 million, a PE ratio of -4.57 and a beta of 1.58. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $5.47 and a two-hundred day moving average price of $8.05. Algoma Steel Group Inc. has a twelve month low of $4.17 and a twelve month high of $12.14.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings data on Tuesday, April 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.36. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. The business had revenue of $359.30 million for the quarter, compared to analysts’ expectations of $327.56 million. Equities analysts forecast that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Algoma Steel Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $0.20 annualized dividend and a dividend yield of 3.44%. Algoma Steel Group’s dividend payout ratio (DPR) is presently -12.99%.

Algoma Steel Group 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.