Algoma Steel Group (NASDAQ:ASTL) Downgraded to Hold Rating by BMO Capital Markets

BMO Capital Markets lowered shares of Algoma Steel Group (NASDAQ:ASTL - Free Report) from a strong-buy rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

Several other research analysts also recently weighed in on the company. Royal Bank of Canada upgraded Algoma Steel Group to a "hold" rating in a research note on Tuesday, April 22nd. Stifel Canada downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th.

Algoma Steel Group Stock Performance

NASDAQ:ASTL traded up $0.20 during trading on Monday, reaching $5.31. The company's stock had a trading volume of 968,048 shares, compared to its average volume of 748,553. 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 has a market cap of $557.20 million, a price-to-earnings ratio of -4.18 and a beta of 1.58. Algoma Steel Group has a 12 month low of $4.17 and a 12 month high of $12.14. The firm has a 50 day moving average of $5.23 and a 200-day moving average of $7.39.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.36. The company 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 10.63% and a negative net margin of 6.30%. Research analysts expect that Algoma Steel Group will post -0.63 EPS for the current fiscal year.

Algoma Steel Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 13th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a yield of 3.77%. Algoma Steel Group's dividend payout ratio (DPR) is -12.99%.

Institutional Trading of Algoma Steel Group

A number of institutional investors have recently added to or reduced their stakes in ASTL. EJF Capital LLC purchased a new stake in Algoma Steel Group during the 1st quarter worth about $60,000. Aquatic Capital Management LLC purchased a new stake in Algoma Steel Group during the 4th quarter worth about $64,000. Aigen Investment Management LP purchased a new stake in Algoma Steel Group during the 1st quarter worth about $69,000. Squarepoint Ops LLC purchased a new stake in Algoma Steel Group during the 4th quarter worth about $114,000. Finally, Two Sigma Advisers LP purchased a new stake in shares of Algoma Steel Group in the 4th quarter valued at about $117,000. Hedge funds and other institutional investors 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.