Algoma Steel Group (TSE:ASTL) Downgraded to “Market Perform” Rating by BMO Capital Markets

BMO Capital Markets downgraded shares of Algoma Steel Group (TSE:ASTL) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning,BayStreet.CA reports. The firm currently has C$8.00 target price on the stock, down from their previous target price of C$12.00.

ASTL has been the topic of a number of other reports. Royal Bank of Canada set a C$8.00 target price on Algoma Steel Group and gave the stock a “sector perform” rating in a report on Tuesday, April 22nd. Stifel Nicolaus decreased their price objective on shares of Algoma Steel Group from C$15.25 to C$14.75 and set a “hold” rating on the stock in a report on Thursday, April 17th.

Algoma Steel Group Price Performance

Shares of TSE ASTL opened at C$7.01 on Tuesday. The stock has a market capitalization of C$728.13 million, a price-to-earnings ratio of -4.81 and a beta of 1.50. The business has a 50-day moving average of C$7.31 and a 200-day moving average of C$10.50. The company has a debt-to-equity ratio of 43.70, a current ratio of 3.31 and a quick ratio of 1.51. Algoma Steel Group has a fifty-two week low of C$5.91 and a fifty-two week high of C$16.83.

Algoma Steel Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 30th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.20 annualized dividend and a yield of 2.85%. Algoma Steel Group’s dividend payout ratio is currently -18.53%.

Insider Buying and Selling at Algoma Steel Group

In related news, Senior Officer Michael Moraca acquired 3,800 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The stock was acquired at an average price of C$7.82 per share, with a total value of C$29,716.00. Company insiders own 7.57% 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.