Algoma Steel Group (NASDAQ:ASTL) Stock Price Up 5.7% After Analyst Upgrade

Algoma Steel Group Inc. (NASDAQ:ASTLGet Rating) traded up 5.7% on Tuesday after Stifel Nicolaus raised their price target on the stock from C$10.25 to C$10.75. The stock traded as high as $6.90 and last traded at $6.88. 33,962 shares changed hands during trading, a decline of 97% from the average session volume of 1,151,742 shares. The stock had previously closed at $6.51.

Separately, BMO Capital Markets lowered their target price on Algoma Steel Group from C$16.00 to C$14.00 in a research note on Wednesday, September 28th.

Hedge Funds Weigh In On Algoma Steel Group

A number of institutional investors have recently made changes to their positions in the stock. Contrarius Investment Management Ltd purchased a new stake in shares of Algoma Steel Group in the first quarter valued at $14,664,000. Black Swift Group LLC grew its position in shares of Algoma Steel Group by 57.1% in the second quarter. Black Swift Group LLC now owns 33,000 shares of the company’s stock valued at $296,000 after purchasing an additional 12,000 shares during the period. ARS Investment Partners LLC grew its position in shares of Algoma Steel Group by 5.6% in the second quarter. ARS Investment Partners LLC now owns 51,000 shares of the company’s stock valued at $458,000 after purchasing an additional 2,700 shares during the period. Ulland Investment Advisors LLC purchased a new stake in shares of Algoma Steel Group in the second quarter valued at $55,000. Finally, General American Investors Co. Inc. purchased a new stake in shares of Algoma Steel Group in the second quarter valued at $7,372,000. 60.70% of the stock is owned by institutional investors and hedge funds.

Algoma Steel Group Stock Performance

The stock has a 50-day simple moving average of $6.99 and a 200-day simple moving average of $8.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.57 and a quick ratio of 1.79. The stock has a market cap of $693.75 million, a PE ratio of 2.01 and a beta of 1.41.

Algoma Steel Group (NASDAQ:ASTLGet Rating) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.05. Algoma Steel Group had a return on equity of 56.35% and a net margin of 21.31%. The firm had revenue of $459.36 million during the quarter, compared to the consensus estimate of $462.92 million. Equities analysts predict that Algoma Steel Group Inc. will post 1.46 earnings per share for the current fiscal year.

Algoma Steel Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Wednesday, November 30th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Tuesday, November 29th. Algoma Steel Group’s dividend payout ratio (DPR) is 6.01%.

Algoma Steel Group Company Profile

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Algoma Steel Group Inc produces and sells steel products primarily in North America. It 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.

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