Algoma Steel Group Inc. (NASDAQ:ASTL) Shares Sold by AMH Equity Ltd

AMH Equity Ltd cut its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 48.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 270,003 shares of the company's stock after selling 254,997 shares during the period. Algoma Steel Group accounts for approximately 2.2% of AMH Equity Ltd's investment portfolio, making the stock its 18th biggest holding. AMH Equity Ltd owned about 0.26% of Algoma Steel Group worth $1,463,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Corient Private Wealth LLC acquired a new position in shares of Algoma Steel Group during the fourth quarter valued at about $147,000. American Century Companies Inc. raised its holdings in shares of Algoma Steel Group by 3.2% in the fourth quarter. American Century Companies Inc. now owns 172,428 shares of the company's stock worth $1,689,000 after buying an additional 5,296 shares during the last quarter. Heartland Advisors Inc. lifted its stake in shares of Algoma Steel Group by 100.0% during the fourth quarter. Heartland Advisors Inc. now owns 200,000 shares of the company's stock worth $1,956,000 after buying an additional 100,000 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Algoma Steel Group by 276.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company's stock worth $12,884,000 after buying an additional 966,976 shares during the period. Finally, Hartree Partners LP increased its position in shares of Algoma Steel Group by 44.4% in the 4th quarter. Hartree Partners LP now owns 152,751 shares of the company's stock valued at $1,494,000 after acquiring an additional 46,984 shares during the period. Hedge funds and other institutional investors own 72.00% of the company's stock.

Algoma Steel Group Stock Performance

Shares of NASDAQ:ASTL traded up $0.12 during trading on Friday, hitting $7.02. 857,879 shares of the stock traded hands, compared to its average volume of 823,547. The company has a fifty day moving average price of $6.26 and a two-hundred day moving average price of $6.56. Algoma Steel Group Inc. has a 52-week low of $4.17 and a 52-week high of $12.14. The company has a market cap of $736.64 million, a price-to-earnings ratio of -4.56 and a beta of 1.65. The company has a quick ratio of 1.47, a current ratio of 3.10 and a debt-to-equity ratio of 0.42.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.36. The company had revenue of $359.30 million during the quarter, compared to analysts' expectations of $327.56 million. Algoma Steel Group had a negative return on equity of 12.98% and a negative net margin of 8.15%. As a group, equities analysts predict that Algoma Steel Group Inc. will post -0.63 EPS for the current year.

Algoma Steel Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Tuesday, May 13th. Algoma Steel Group's dividend payout ratio (DPR) is -12.99%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Stifel Canada cut Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th. BMO Capital Markets downgraded Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd. Finally, Royal Bank Of Canada upgraded shares of Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd.

Algoma Steel Group 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.