Algoma Steel Group (NASDAQ:ASTL) Stock Price Down 1% – Should You Sell?

Algoma Steel Group Inc. (NASDAQ:ASTL) shares fell 1% during trading on Tuesday . The stock traded as low as $6.62 and last traded at $6.63. 556,889 shares were traded during mid-day trading, a decline of 32% from the average session volume of 816,403 shares. The stock had previously closed at $6.70.

Analyst Ratings Changes

ASTL has been the topic of several recent research reports. Royal Bank Of Canada upgraded shares of Algoma Steel Group to a “hold” rating in a research note on Tuesday, April 22nd. BMO Capital Markets lowered shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 2nd. Finally, Stifel Canada lowered shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 17th.

Algoma Steel Group Price Performance

The company has a 50 day moving average of $6.18 and a 200-day moving average of $6.62. The firm has a market capitalization of $695.69 million, a P/E ratio of -4.31 and a beta of 1.65. The company has a current ratio of 3.10, a quick ratio of 1.47 and a debt-to-equity ratio of 0.42.

Algoma Steel Group (NASDAQ:ASTL) last released its earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.36. The firm had revenue of $359.30 million during the quarter, compared to the consensus estimate of $327.56 million. Algoma Steel Group had a negative return on equity of 12.98% and a negative net margin of 8.15%. On average, sell-side analysts predict that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Algoma Steel Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.02%. Algoma Steel Group’s dividend payout ratio (DPR) is currently -12.99%.

Hedge Funds Weigh In On Algoma Steel Group

A number of institutional investors and hedge funds have recently bought and sold shares of ASTL. Squarepoint Ops LLC acquired a new stake in shares of Algoma Steel Group in the fourth quarter valued at about $114,000. Two Sigma Investments LP increased its stake in shares of Algoma Steel Group by 41.8% in the fourth quarter. Two Sigma Investments LP now owns 36,600 shares of the company’s stock valued at $358,000 after buying an additional 10,781 shares during the period. Hartree Partners LP increased its stake in shares of Algoma Steel Group by 44.4% in the fourth quarter. Hartree Partners LP now owns 152,751 shares of the company’s stock valued at $1,494,000 after buying an additional 46,984 shares during the period. Renaissance Technologies LLC increased its stake in shares of Algoma Steel Group by 11.2% in the fourth quarter. Renaissance Technologies LLC now owns 89,374 shares of the company’s stock valued at $874,000 after buying an additional 8,974 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Algoma Steel Group by 276.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock valued at $12,884,000 after buying an additional 966,976 shares during the period. Institutional investors and hedge funds own 72.00% of the company’s stock.

About Algoma Steel Group

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.