Algoma Steel Group (NASDAQ:ASTL) Shares Gap Down - Time to Sell?

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $5.27, but opened at $4.76. Algoma Steel Group shares last traded at $5.00, with a volume of 845,145 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on ASTL shares. Stifel Canada lowered Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th. Royal Bank of Canada upgraded Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd. Finally, BMO Capital Markets lowered shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Monday.

Algoma Steel Group Price Performance

The business has a 50 day simple moving average of $5.22 and a 200-day simple moving average of $7.34. The stock has a market cap of $617.01 million, a P/E ratio of -4.63 and a beta of 1.56. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $327.56 million. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. On average, sell-side analysts forecast that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Algoma Steel Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 13th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend was Tuesday, May 13th. Algoma Steel Group's payout ratio is currently -12.99%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Donald Smith & CO. Inc. grew its position in shares of Algoma Steel Group by 0.3% in the first quarter. Donald Smith & CO. Inc. now owns 8,088,120 shares of the company's stock valued at $43,838,000 after purchasing an additional 20,517 shares in the last quarter. MMCAP International Inc. SPC boosted its stake in Algoma Steel Group by 0.3% in the 1st quarter. MMCAP International Inc. SPC now owns 6,641,417 shares of the company's stock worth $35,996,000 after purchasing an additional 21,414 shares during the period. Woodline Partners LP boosted its position in shares of Algoma Steel Group by 59.2% in the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company's stock valued at $27,819,000 after acquiring an additional 1,057,517 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. grew its position in shares of Algoma Steel Group by 1.0% during the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company's stock valued at $21,320,000 after purchasing an additional 22,049 shares in the last quarter. Finally, Intact Investment Management Inc. grew its position in Algoma Steel Group by 24.6% during the first quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company's stock worth $7,945,000 after buying an additional 288,861 shares in the last quarter. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

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.