Algoma Steel Group (NASDAQ:ASTL) Stock Price Down 4.8% – What’s Next?

Algoma Steel Group Inc. (NASDAQ:ASTL) shares fell 4.8% during mid-day trading on Monday . The stock traded as low as $6.25 and last traded at $6.24. 132,116 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 619,517 shares. The stock had previously closed at $6.55.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The firm’s 50 day moving average is $7.70 and its 200-day moving average is $9.34. The stock has a market capitalization of $666.01 million, a price-to-earnings ratio of -5.00 and a beta of 1.47.

Algoma Steel Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Friday, March 21st will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Friday, March 21st. Algoma Steel Group’s dividend payout ratio is presently -17.54%.

Hedge Funds Weigh In On Algoma Steel Group

Large investors have recently added to or reduced their stakes in the stock. Aquatic Capital Management LLC acquired a new position in Algoma Steel Group during the fourth quarter worth $64,000. Wexford Capital LP acquired a new position in Algoma Steel Group during the third quarter worth $107,000. Squarepoint Ops LLC acquired a new position in Algoma Steel Group during the fourth quarter worth $114,000. Two Sigma Advisers LP acquired a new position in Algoma Steel Group during the fourth quarter worth $117,000. Finally, Corient Private Wealth LLC acquired a new position in Algoma Steel Group during the fourth quarter worth $147,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

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.