Algoma Steel Group (TSE:ASTL) Shares Down 2% - Here's What Happened

Key Points

• Shares of Algoma Steel Group Inc. (TSE:ASTL) declined by 2%, trading between C$6.42 and C$6.48, with volumes increasing by 55% compared to the average session.
• Several analysts have adjusted their price targets for the stock, with BMO Capital Markets reducing their target from C$12.00 to C$8.00 and Royal Bank of Canada lowering it to C$8.00 as well.
• The company declared a quarterly dividend of $0.05, equating to an annualized dividend of $0.20 and a dividend yield of 3.1%.

Shares of Algoma Steel Group Inc. (TSE:ASTL - Get Free Report) traded down 2% during trading on Thursday . The stock traded as low as C$6.42 and last traded at C$6.48. 388,356 shares were traded during mid-day trading, an increase of 55% from the average session volume of 250,975 shares. The stock had previously closed at C$6.61.

Analysts Set New Price Targets

A number of equities analysts recently commented on ASTL shares. BMO Capital Markets lowered shares of Algoma Steel Group from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from C$12.00 to C$8.00 in a research report on Tuesday, June 3rd. Stifel Nicolaus lowered their target price on shares of Algoma Steel Group from C$14.00 to C$13.00 and set a "buy" rating on the stock in a report on Tuesday, June 3rd. Finally, Royal Bank Of Canada dropped their price target on shares of Algoma Steel Group from C$10.00 to C$8.00 and set a "sector perform" rating for the company in a research report on Thursday, July 31st.

Algoma Steel Group Stock Down 2.0%

The stock has a 50-day moving average of C$8.62 and a 200 day moving average of C$8.84. The company has a debt-to-equity ratio of 43.70, a current ratio of 3.31 and a quick ratio of 1.51. The company has a market cap of C$673.08 million, a P/E ratio of -4.45 and a beta of 1.50.

Algoma Steel Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 30th 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 3.1%. Algoma Steel Group's payout ratio is presently -18.53%.

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.

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