Algoma Central (TSE:ALC) Share Price Passes Above Fifty Day Moving Average – What’s Next?

Algoma Central Co. (TSE:ALC) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$14.93 and traded as high as C$15.30. Algoma Central shares last traded at C$15.20, with a volume of 4,323 shares changing hands.

Wall Street Analyst Weigh In

Separately, BMO Capital Markets lowered their price objective on shares of Algoma Central from C$18.00 to C$15.00 in a research note on Monday, March 17th.

Algoma Central Price Performance

The company has a market cap of C$624.36 million, a P/E ratio of 8.47 and a beta of 0.72. The company has a debt-to-equity ratio of 50.70, a current ratio of 0.76 and a quick ratio of 2.06. The company has a fifty day simple moving average of C$14.96 and a 200-day simple moving average of C$14.85.

Algoma Central Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, March 3rd were given a $0.20 dividend. This is a positive change from Algoma Central’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.25%. Algoma Central’s dividend payout ratio (DPR) is 42.19%.

Insider Buying and Selling

In related news, Director Richard Brydone Carty sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of C$15.10, for a total value of C$30,200.00. 54.61% of the stock is currently owned by company insiders.

Algoma Central Company Profile

Algoma Central Corporation owns and operates a fleet of dry and liquid bulk carriers activities in Canada. The company operates through Domestic Dry-Bulk, Product Tankers, Ocean Self-Unloaders, Global Short Sea Shipping, and Investment Properties segments. The company operates dry-bulk carriers for industrial sectors, including producers in iron and steel, aggregate, cement and building materials, and salt producers as well as, agricultural product distributors.