Algoma Steel Group (TSE:ASTL) Hits New 1-Year High – Here’s Why

Algoma Steel Group Inc. (TSE:ASTL)’s share price reached a new 52-week high on Monday . The stock traded as high as C$14.95 and last traded at C$14.95, with a volume of 6563 shares changing hands. The stock had previously closed at C$14.72.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets boosted their price objective on Algoma Steel Group from C$13.00 to C$15.00 in a report on Thursday, August 15th. Stifel Nicolaus upped their price objective on Algoma Steel Group from C$16.00 to C$19.00 in a report on Thursday, August 15th. Finally, Cormark lifted their target price on Algoma Steel Group from C$14.50 to C$18.75 in a report on Monday, July 22nd.

Algoma Steel Group Stock Up 0.3 %

The company has a market cap of C$1.54 billion, a P/E ratio of -66.91 and a beta of 1.50. The stock has a 50-day moving average of C$13.79 and a 200 day moving average of C$11.94. The company has a debt-to-equity ratio of 40.70, a current ratio of 4.19 and a quick ratio of 1.51.

Algoma Steel Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 27th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.35%. The ex-dividend date was Friday, August 23rd. Algoma Steel Group’s payout ratio is presently -122.73%.

Insider Buying and Selling

In related news, Director Michael Allan Mcquade sold 36,260 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of C$13.80, for a total transaction of C$500,388.00. In other news, Director Michael Allan Mcquade sold 36,260 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of C$13.80, for a total value of C$500,388.00. Also, Director David Daniel Sgro sold 6,845 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of C$10.06, for a total value of C$68,842.90. 7.57% of the stock is currently owned by company insiders.

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.