Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Down 6.2% in April

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) was the target of a significant drop in short interest in the month of April. As of April 15th, there was short interest totalling 3,490,000 shares, a drop of 6.2% from the March 31st total of 3,720,000 shares. Based on an average daily volume of 584,500 shares, the days-to-cover ratio is presently 6.0 days.

Algoma Steel Group Stock Down 2.9 %

Shares of ASTL stock traded down $0.23 during trading on Tuesday, reaching $7.65. The company's stock had a trading volume of 180,144 shares, compared to its average volume of 595,935. The company has a market capitalization of $796.37 million, a price-to-earnings ratio of 76.50 and a beta of 1.52. Algoma Steel Group has a 1-year low of $6.34 and a 1-year high of $10.25. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.88 and a quick ratio of 0.98. The stock's 50-day moving average price is $8.05 and its 200 day moving average price is $8.22.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The company reported ($0.57) earnings per share for the quarter. The company had revenue of $452.07 million for the quarter, compared to analysts' expectations of $453.22 million. Algoma Steel Group had a return on equity of 3.84% and a net margin of 2.05%. On average, research analysts anticipate that Algoma Steel Group will post 0.77 EPS for the current year.

Algoma Steel Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 29th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date was Wednesday, February 28th. Algoma Steel Group's dividend payout ratio is currently 200.00%.

Hedge Funds Weigh In On Algoma Steel Group

A number of institutional investors and hedge funds have recently made changes to their positions in ASTL. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Algoma Steel Group in the 3rd quarter valued at about $73,000. Meixler Investment Management Ltd. purchased a new position in Algoma Steel Group in the third quarter valued at approximately $83,000. Tower Research Capital LLC TRC raised its holdings in Algoma Steel Group by 148.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,976 shares of the company's stock worth $90,000 after purchasing an additional 5,357 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Algoma Steel Group in the 4th quarter valued at $114,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Algoma Steel Group in the 4th quarter valued at $126,000. 72.00% of the stock is owned by institutional investors and hedge funds.

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.