Algoma Steel Group (TSE:ASTL) Price Target Cut to C$13.00 by Analysts at Stifel Nicolaus

Algoma Steel Group (TSE:ASTL) had its target price reduced by Stifel Nicolaus from C$14.00 to C$13.00 in a research report sent to investors on Tuesday morning,BayStreet.CA reports. They currently have a buy rating on the stock.

ASTL has been the topic of a number of other research reports. Royal Bank of Canada set a C$8.00 target price on shares of Algoma Steel Group and gave the company a “sector perform” rating in a research note on Tuesday, April 22nd. BMO Capital Markets lowered shares of Algoma Steel Group from an “outperform” rating to a “market perform” rating and cut their target price for the company from C$12.00 to C$8.00 in a research note on Tuesday.

Algoma Steel Group Trading Up 3.7%

Shares of ASTL opened at C$7.01 on Tuesday. The firm’s 50-day moving average price is C$7.31 and its 200-day moving average price is C$10.50. The firm has a market capitalization of C$728.13 million, a price-to-earnings ratio of -4.81 and a beta of 1.50. The company has a current ratio of 3.31, a quick ratio of 1.51 and a debt-to-equity ratio of 43.70. Algoma Steel Group has a 1-year low of C$5.91 and a 1-year high of C$16.83.

Algoma Steel Group Announces Dividend

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

Insider Buying and Selling

In other Algoma Steel Group news, Senior Officer Michael Moraca acquired 3,800 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were acquired at an average price of C$7.82 per share, with a total value of C$29,716.00. 7.57% of the stock is currently owned by insiders.

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.