Algoma Steel Group (NASDAQ:ASTL) Shares Gap Up - Here's What Happened

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $4.71, but opened at $4.87. Algoma Steel Group shares last traded at $4.80, with a volume of 21,811 shares changing hands.

Wall Street Analyst Weigh In

Separately, Stifel Canada cut Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th.

Algoma Steel Group Stock Performance

The company has a market cap of $508.93 million, a PE ratio of -3.82 and a beta of 1.57. The stock's 50 day simple moving average is $6.06 and its two-hundred day simple moving average is $8.45. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42.

Algoma Steel Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 21st were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend was Friday, March 21st. Algoma Steel Group's dividend payout ratio (DPR) is presently -17.54%.

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Woodline Partners LP lifted its position in Algoma Steel Group by 59.2% during the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company's stock valued at $27,819,000 after buying an additional 1,057,517 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Algoma Steel Group by 276.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company's stock worth $12,884,000 after purchasing an additional 966,976 shares in the last quarter. Empyrean Capital Partners LP purchased a new stake in shares of Algoma Steel Group in the fourth quarter worth about $9,017,000. AYAL Capital Advisors Ltd grew its stake in shares of Algoma Steel Group by 55.0% in the fourth quarter. AYAL Capital Advisors Ltd now owns 949,284 shares of the company's stock valued at $9,284,000 after buying an additional 336,784 shares in the last quarter. Finally, Intact Investment Management Inc. raised its holdings in shares of Algoma Steel Group by 24.6% during the 1st quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company's stock valued at $7,945,000 after buying an additional 288,861 shares during the period. 72.00% of the stock is 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.