Algoma Steel Group (NASDAQ:ASTL) Trading Up 6.5% - Here's Why

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report)'s share price traded up 6.5% during mid-day trading on Friday . The stock traded as high as $5.58 and last traded at $5.65. 129,382 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 752,090 shares. The stock had previously closed at $5.30.

Analyst Ratings Changes

ASTL has been the subject of a number of analyst reports. BMO Capital Markets cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Monday. Royal Bank of Canada raised shares of Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd. Finally, Stifel Canada lowered shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th.

Algoma Steel Group Price Performance

The company has a market capitalization of $617.01 million, a PE ratio of -4.63 and a beta of 1.56. The stock has a 50 day moving average price of $5.23 and a two-hundred day moving average price of $7.30. 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 released its earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.36. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. The business had revenue of $359.30 million for the quarter, compared to the consensus estimate of $327.56 million. Equities analysts forecast that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Algoma Steel Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders 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 annualized dividend and a yield of 3.40%. Algoma Steel Group's dividend payout ratio is currently -12.99%.

Institutional Trading of Algoma Steel Group

Several hedge funds have recently added to or reduced their stakes in ASTL. EJF Capital LLC acquired a new position in shares of Algoma Steel Group during the 1st quarter worth about $60,000. Aquatic Capital Management LLC bought a new stake in shares of Algoma Steel Group during the fourth quarter worth about $64,000. Aigen Investment Management LP bought a new position in Algoma Steel Group during the 1st quarter worth $69,000. Squarepoint Ops LLC acquired a new position in Algoma Steel Group in the fourth quarter valued at $114,000. Finally, Two Sigma Advisers LP bought a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $117,000. Institutional investors and hedge funds 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.