Algoma Steel Group (NASDAQ:ASTL) Sees Large Volume Increase

Algoma Steel Group Inc. (NASDAQ:ASTLGet Free Report) shares saw unusually-strong trading volume on Friday . Approximately 1,506,740 shares changed hands during mid-day trading, an increase of 104% from the previous session’s volume of 740,146 shares.The stock last traded at $8.12 and had previously closed at $7.94.

Algoma Steel Group Stock Performance

The company’s fifty day moving average price is $9.00 and its 200 day moving average price is $7.82. The company has a market cap of $854.15 million, a PE ratio of 82.10 and a beta of 1.57. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.88 and a quick ratio of 1.37.

Algoma Steel Group Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Thursday, February 29th will be issued a $0.05 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $0.20 annualized dividend and a dividend yield of 2.44%. Algoma Steel Group’s dividend payout ratio is currently 200.00%.

Institutional Trading of Algoma Steel Group

Institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its holdings in shares of Algoma Steel Group by 91.5% in the third quarter. Tower Research Capital LLC TRC now owns 3,619 shares of the company’s stock valued at $25,000 after purchasing an additional 1,729 shares during the last quarter. UBS Group AG purchased a new stake in Algoma Steel Group during the third quarter worth about $34,000. Deutsche Bank AG purchased a new stake in Algoma Steel Group during the fourth quarter worth about $42,000. Cobalt Capital Management Inc. purchased a new stake in Algoma Steel Group during the second quarter worth about $71,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in Algoma Steel Group during the third quarter worth about $73,000. Hedge funds and other institutional investors own 64.65% of the company’s stock.

Algoma Steel Group Company Profile

(Get Free Report)

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.

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