Algoma Steel Group (TSE:ASTL) Trading Down 6.9% - Here's Why

Algoma Steel Group Inc. (TSE:ASTL - Get Free Report) dropped 6.9% on Monday . The company traded as low as C$6.45 and last traded at C$6.76. Approximately 372,007 shares changed hands during trading, an increase of 140% from the average daily volume of 155,285 shares. The stock had previously closed at C$7.26.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. BMO Capital Markets lowered Algoma Steel Group from an "outperform" rating to a "market perform" rating and cut their target price for the company from C$12.00 to C$8.00 in a research note on Tuesday. Stifel Nicolaus lowered their price target 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. Finally, Royal Bank of Canada set a C$8.00 price objective on shares of Algoma Steel Group and gave the stock a "sector perform" rating in a research report on Tuesday, April 22nd.

Algoma Steel Group Stock Up 3.3%

The firm has a market capitalization of C$752.02 million, a price-to-earnings ratio of -4.97 and a beta of 1.50. 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 business has a fifty day moving average price of C$7.31 and a two-hundred day moving average price of C$10.50.

Algoma Steel Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 30th were issued a $0.05 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $0.20 annualized dividend and a yield of 2.76%. Algoma Steel Group's dividend payout ratio (DPR) is presently -18.53%.

Insiders Place Their Bets

In related news, Senior Officer Michael Moraca acquired 3,800 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was acquired at an average price of C$7.82 per share, with a total value of C$29,716.00. 7.57% of the stock is currently owned by insiders.

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.