922,000 Shares in Algoma Steel Group Inc. (NASDAQ:ASTL) Bought by Empyrean Capital Partners LP

Empyrean Capital Partners LP purchased a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 922,000 shares of the company's stock, valued at approximately $9,017,000. Empyrean Capital Partners LP owned approximately 0.88% of Algoma Steel Group as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ASTL. Gamco Investors INC. ET AL boosted its holdings in Algoma Steel Group by 4.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company's stock worth $320,000 after purchasing an additional 1,350 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Algoma Steel Group by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 152,846 shares of the company's stock worth $1,499,000 after purchasing an additional 1,985 shares during the last quarter. Legal & General Group Plc boosted its holdings in Algoma Steel Group by 4.8% in the fourth quarter. Legal & General Group Plc now owns 80,745 shares of the company's stock worth $790,000 after purchasing an additional 3,666 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Algoma Steel Group by 4.0% during the 4th quarter. Van ECK Associates Corp now owns 103,555 shares of the company's stock worth $1,013,000 after acquiring an additional 3,944 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Algoma Steel Group by 3.2% during the 4th quarter. American Century Companies Inc. now owns 172,428 shares of the company's stock worth $1,689,000 after acquiring an additional 5,296 shares during the last quarter. Institutional investors own 72.00% of the company's stock.

Algoma Steel Group Price Performance

ASTL stock traded up $0.17 during mid-day trading on Friday, hitting $5.98. The company had a trading volume of 767,735 shares, compared to its average volume of 726,540. The company has a market capitalization of $627.51 million, a price-to-earnings ratio of -4.71 and a beta of 1.58. Algoma Steel Group Inc. has a 12-month low of $4.17 and a 12-month high of $12.14. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $5.46 and a 200 day moving average price of $8.00.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.36. The company had revenue of $359.30 million for the quarter, compared to the consensus estimate of $327.56 million. Algoma Steel Group had a negative net margin of 6.30% and a negative return on equity of 10.63%. On average, research analysts anticipate that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Algoma Steel Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th will be given a $0.05 dividend. The ex-dividend date is Tuesday, May 13th. This represents a $0.20 annualized dividend and a dividend yield of 3.34%. Algoma Steel Group's payout ratio is presently -12.99%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ASTL. Royal Bank of Canada upgraded shares of Algoma Steel Group to a "hold" rating in a research note on Tuesday, April 22nd. Stifel Canada cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th.

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.