JPMorgan Chase & Co. Sells 173,777 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

JPMorgan Chase & Co. lessened its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 48.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 183,590 shares of the company's stock after selling 173,777 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.18% of Algoma Steel Group worth $1,796,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Scheer Rowlett & Associates Investment Management Ltd. increased its holdings in shares of Algoma Steel Group by 1.0% during the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company's stock worth $21,320,000 after acquiring an additional 22,049 shares during the last quarter. American Century Companies Inc. boosted its position in Algoma Steel Group by 3.2% during the fourth quarter. American Century Companies Inc. now owns 172,428 shares of the company's stock worth $1,689,000 after purchasing an additional 5,296 shares during the period. Geode Capital Management LLC increased its holdings in shares of Algoma Steel Group by 38.4% in the third quarter. Geode Capital Management LLC now owns 150,861 shares of the company's stock valued at $1,545,000 after purchasing an additional 41,835 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Algoma Steel Group in the fourth quarter valued at about $1,248,000. Finally, CIBC Asset Management Inc lifted its stake in shares of Algoma Steel Group by 16.8% during the 4th quarter. CIBC Asset Management Inc now owns 118,602 shares of the company's stock worth $1,159,000 after buying an additional 17,035 shares during the last quarter. Institutional investors own 72.00% of the company's stock.

Wall Street Analysts Forecast Growth

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

Algoma Steel Group Price Performance

Shares of NASDAQ ASTL traded up $0.04 during midday trading on Wednesday, reaching $5.11. The company's stock had a trading volume of 1,420,867 shares, compared to its average volume of 706,563. 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 company has a market cap of $536.21 million, a P/E ratio of -4.02 and a beta of 1.57. The business's 50 day moving average price is $5.66 and its two-hundred day moving average price is $8.23. 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 released its earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.36. The company had revenue of $359.30 million for the quarter, compared to analyst estimates of $327.56 million. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. On average, analysts forecast that Algoma Steel Group Inc. will post -0.63 EPS for the current fiscal year.

Algoma Steel Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Tuesday, May 13th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, May 13th. This represents a $0.20 annualized dividend and a dividend yield of 3.91%. Algoma Steel Group's dividend payout ratio is currently -17.54%.

About Algoma Steel Group

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.