Algoma Steel Group (NASDAQ:ASTL) Stock Price Down 1% - Time to Sell?

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) shares dropped 1% on Tuesday . The company traded as low as $6.62 and last traded at $6.63. Approximately 556,889 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 816,403 shares. The stock had previously closed at $6.70.

Analyst Ratings Changes

ASTL has been the topic of a number of research reports. Royal Bank Of Canada upgraded Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd. Stifel Canada downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Finally, BMO Capital Markets downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd.

Algoma Steel Group Trading Up 5.0%

The firm has a market cap of $730.31 million, a P/E ratio of -4.52 and a beta of 1.65. The company has a 50 day moving average of $6.18 and a 200 day moving average of $6.62. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.47 and a current ratio of 3.10.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.36. The firm had revenue of $359.30 million during the quarter, compared to analysts' expectations of $327.56 million. Algoma Steel Group had a negative return on equity of 12.98% and a negative net margin of 8.15%. Analysts predict that Algoma Steel Group Inc. will post -0.63 EPS for the current fiscal year.

Algoma Steel Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were given a $0.05 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.20 annualized dividend and a dividend yield of 2.87%. Algoma Steel Group's dividend payout ratio is -12.99%.

Institutional Investors Weigh In On Algoma Steel Group

Several hedge funds have recently modified their holdings of the business. Donald Smith & CO. Inc. boosted 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 acquiring an additional 20,517 shares during the period. MMCAP International Inc. SPC boosted its position in shares of Algoma Steel Group by 0.3% in the first quarter. MMCAP International Inc. SPC now owns 6,641,417 shares of the company's stock valued at $35,996,000 after acquiring 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. Intact Investment Management Inc. boosted its position in shares of Algoma Steel Group by 24.6% in the first quarter. Intact Investment Management Inc. now owns 1,463,761 shares of the company's stock valued at $7,945,000 after acquiring an additional 288,861 shares during the period. Finally, Solas Capital Management LLC boosted its position in shares of Algoma Steel Group by 37.7% in the first quarter. Solas Capital Management LLC now owns 1,460,646 shares of the company's stock valued at $7,917,000 after acquiring an additional 400,000 shares during the period. 72.00% of the stock is owned by institutional investors.

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.