Algoma Steel Group Inc. (TSE:ASTL - Get Free Report) shares were down 5.7% on Wednesday . The stock traded as low as C$7.01 and last traded at C$7.58. Approximately 206,696 shares traded hands during trading, a decline of 14% from the average daily volume of 241,259 shares. The stock had previously closed at C$8.04.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on ASTL. Stifel Nicolaus decreased 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 research report on Tuesday, June 3rd. Royal Bank Of Canada decreased their target price on shares of Algoma Steel Group from C$10.00 to C$8.00 and set a "sector perform" rating on the stock in a research report on Thursday. Finally, BMO Capital Markets lowered shares of Algoma Steel Group from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from C$12.00 to C$8.00 in a research report on Tuesday, June 3rd.
Read Our Latest Research Report on ASTL
Algoma Steel Group Price Performance
The company has a current ratio of 3.31, a quick ratio of 1.51 and a debt-to-equity ratio of 43.70. The business's fifty day moving average is C$8.68 and its 200 day moving average is C$8.97. The firm has a market capitalization of C$736.44 million, a P/E ratio of -4.86 and a beta of 1.50.
Algoma Steel Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 30th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a yield of 2.8%. Algoma Steel Group's payout ratio is presently -18.53%.
Insider Buying and Selling
In other news, Senior Officer Michael Moraca acquired 3,800 shares of Algoma Steel Group stock in a transaction dated Monday, May 5th. The stock was acquired at an average cost of C$7.82 per share, for a total transaction of C$29,716.00. 7.57% of the stock is owned by corporate insiders.
About Algoma Steel Group
(
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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.
Further Reading
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