Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Update

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 3,410,000 shares, an increase of 20.1% from the March 15th total of 2,840,000 shares. Currently, 3.3% of the company's stock are short sold. Based on an average trading volume of 1,040,000 shares, the days-to-cover ratio is presently 3.3 days.

Institutional Trading of Algoma Steel Group

Several institutional investors have recently modified their holdings of the stock. Aquatic Capital Management LLC acquired a new stake in Algoma Steel Group during the 4th quarter worth $64,000. Squarepoint Ops LLC purchased a new position in shares of Algoma Steel Group during the fourth quarter worth about $114,000. Two Sigma Advisers LP acquired a new stake in shares of Algoma Steel Group during the fourth quarter worth about $117,000. Corient Private Wealth LLC purchased a new stake in shares of Algoma Steel Group in the 4th quarter valued at about $147,000. Finally, Jump Financial LLC acquired a new stake in shares of Algoma Steel Group in the 4th quarter valued at about $204,000. Hedge funds and other institutional investors own 72.00% of the company's stock.

Algoma Steel Group Stock Down 2.3 %

Shares of ASTL traded down $0.12 during mid-day trading on Friday, reaching $5.13. The company's stock had a trading volume of 1,122,012 shares, compared to its average volume of 693,270. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66. Algoma Steel Group has a 12-month low of $4.17 and a 12-month high of $12.14. The stock has a market cap of $538.31 million, a PE ratio of -4.04 and a beta of 1.57. The company's 50 day moving average is $5.82 and its 200 day moving average is $8.33.

Algoma Steel Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 21st were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, March 21st. This represents a $0.20 dividend on an annualized basis and a yield of 3.90%. Algoma Steel Group's payout ratio is currently -17.54%.

Analyst Upgrades and Downgrades

ASTL has been the subject of several analyst reports. Stifel Canada cut shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, April 17th. Royal Bank of Canada upgraded shares of Algoma Steel Group to a "hold" rating in a research note on Tuesday.

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.