Algoma Steel Group (NASDAQ:ASTL) Stock Price Up 5.3% - Here's Why

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) shot up 5.3% during trading on Thursday . The company traded as high as $5.59 and last traded at $5.63. 84,495 shares changed hands during trading, a decline of 88% from the average session volume of 733,468 shares. The stock had previously closed at $5.34.

Wall Street Analyst Weigh In

ASTL has been the topic of several recent analyst reports. Stifel Canada downgraded shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th. Royal Bank of Canada raised shares of Algoma Steel Group to a "hold" rating in a research note on Tuesday, April 22nd.

Algoma Steel Group Trading Down 6.3%

The business's 50-day moving average is $5.27 and its two-hundred day moving average is $7.45. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $518.37 million, a PE ratio of -3.89 and a beta of 1.58.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its 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%. On average, analysts predict that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Algoma Steel Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Tuesday, May 13th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 4.05%. The ex-dividend date was Tuesday, May 13th. Algoma Steel Group's dividend payout ratio (DPR) is -12.99%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ASTL. EJF Capital LLC acquired a new stake in Algoma Steel Group during the 1st quarter valued at $60,000. Aquatic Capital Management LLC acquired a new stake in shares of Algoma Steel Group during the fourth quarter valued at about $64,000. Aigen Investment Management LP acquired a new stake in shares of Algoma Steel Group during the first quarter valued at about $69,000. Squarepoint Ops LLC purchased a new stake in shares of Algoma Steel Group during the fourth quarter worth about $114,000. Finally, Two Sigma Advisers LP acquired a new position in shares of Algoma Steel Group in the fourth quarter worth about $117,000. 72.00% of the stock is owned by institutional investors and hedge funds.

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.