Algoma Steel Group Inc. (NASDAQ:ASTL) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE increased its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 97.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 125,417 shares of the company's stock after buying an additional 61,979 shares during the quarter. Bank of America Corp DE owned about 0.12% of Algoma Steel Group worth $1,227,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ASTL. Gamco Investors INC. ET AL grew its stake in shares of Algoma Steel Group by 4.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company's stock valued at $320,000 after purchasing an additional 1,350 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Algoma Steel Group by 1.3% during 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 period. Legal & General Group Plc grew its position in Algoma Steel Group by 4.8% in the 4th quarter. Legal & General Group Plc now owns 80,745 shares of the company's stock valued at $790,000 after buying an additional 3,666 shares during the last quarter. Van ECK Associates Corp increased its stake in Algoma Steel Group by 4.0% in the 4th quarter. Van ECK Associates Corp now owns 103,555 shares of the company's stock valued at $1,013,000 after buying an additional 3,944 shares during the period. Finally, American Century Companies Inc. raised its position in 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 buying an additional 5,296 shares during the last quarter. Institutional investors and hedge funds own 72.00% of the company's stock.

Wall Street Analysts Forecast Growth

ASTL has been the topic of several analyst reports. Royal Bank of Canada raised shares of Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd. BMO Capital Markets lowered Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Monday, June 2nd. Finally, Stifel Canada cut Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, April 17th.

Algoma Steel Group Price Performance

Algoma Steel Group stock traded up $0.58 during midday trading on Friday, reaching $5.88. The company's stock had a trading volume of 1,681,126 shares, compared to its average volume of 762,011. The firm has a market capitalization of $617.01 million, a PE ratio of -4.63 and a beta of 1.56. Algoma Steel Group Inc. has a fifty-two week low of $4.17 and a fifty-two week high of $12.14. The stock's 50 day simple moving average is $5.23 and its 200 day simple moving average is $7.27. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31.

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

Algoma Steel Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Tuesday, May 13th. Algoma Steel Group's dividend payout ratio (DPR) is -12.99%.

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.