NewGen Asset Management Ltd grew its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 26.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 732,500 shares of the company's stock after purchasing an additional 153,600 shares during the quarter. Algoma Steel Group makes up about 2.6% of NewGen Asset Management Ltd's holdings, making the stock its 15th biggest position. NewGen Asset Management Ltd owned 0.70% of Algoma Steel Group worth $3,970,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also modified their holdings of the company. Aquatic Capital Management LLC acquired a new stake in Algoma Steel Group during the 4th quarter worth $64,000. Squarepoint Ops LLC acquired a new position in Algoma Steel Group in the 4th quarter valued at about $114,000. Two Sigma Advisers LP purchased a new stake in Algoma Steel Group during the 4th quarter valued at approximately $117,000. Corient Private Wealth LLC purchased a new position in shares of Algoma Steel Group in the 4th quarter valued at approximately $147,000. Finally, Jump Financial LLC acquired a new position in shares of Algoma Steel Group in the fourth quarter valued at approximately $204,000. Institutional investors and hedge funds own 72.00% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on ASTL shares. BMO Capital Markets downgraded shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 2nd. Royal Bank of Canada raised shares of Algoma Steel Group to a "hold" rating in a report on Tuesday, April 22nd. Finally, Stifel Canada cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th.
Check Out Our Latest Research Report on Algoma Steel Group
Algoma Steel Group Price Performance
ASTL stock traded down $0.11 during midday trading on Friday, hitting $6.11. 594,022 shares of the stock were exchanged, compared to its average volume of 778,837. The stock's 50-day moving average price is $5.32 and its 200-day moving average price is $7.16. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. The stock has a market cap of $640.83 million, a price-to-earnings ratio of -4.83 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.
Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.36. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. The business had revenue of $359.30 million during the quarter, compared to analysts' expectations of $327.56 million. Research analysts predict 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 announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Tuesday, May 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date was Tuesday, May 13th. Algoma Steel Group's payout ratio is currently -12.99%.
About Algoma Steel Group
(
Free Report)
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.
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