Algoma Steel Group (NASDAQ:ASTL) Sees Large Volume Increase After Dividend Announcement

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) saw unusually-strong trading volume on Thursday following a dividend announcement from the company. Approximately 1,237,406 shares were traded during mid-day trading, an increase of 117% from the previous session’s volume of 571,214 shares.The stock last traded at $11.91 and had previously closed at $11.29.

The newly announced dividend which will be paid on Friday, December 27th. Investors of record on Wednesday, November 27th will be issued a $0.05 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.20 dividend on an annualized basis and a yield of 1.72%. Algoma Steel Group’s payout ratio is -15.75%.

Algoma Steel Group Stock Down 3.3 %

The firm has a market capitalization of $1.21 billion, a price-to-earnings ratio of -9.14 and a beta of 1.49. The stock has a fifty day moving average of $10.21 and a two-hundred day moving average of $8.86. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.19 and a quick ratio of 2.15.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.04. The business had revenue of $475.44 million for the quarter, compared to analysts’ expectations of $444.32 million. Algoma Steel Group had a negative net margin of 6.30% and a negative return on equity of 10.48%. Sell-side analysts anticipate that Algoma Steel Group Inc. will post -0.58 earnings per share for the current year.

Hedge Funds Weigh In On Algoma Steel Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. PCJ Investment Counsel Ltd. bought a new position in shares of Algoma Steel Group during the 3rd quarter worth about $1,879,000. GSA Capital Partners LLP boosted its position in shares of Algoma Steel Group by 23.5% during the 3rd quarter. GSA Capital Partners LLP now owns 44,757 shares of the company’s stock worth $458,000 after purchasing an additional 8,502 shares in the last quarter. Intact Investment Management Inc. boosted its position in shares of Algoma Steel Group by 6.6% during the 3rd quarter. Intact Investment Management Inc. now owns 1,298,600 shares of the company’s stock worth $13,309,000 after purchasing an additional 80,700 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Algoma Steel Group by 13.3% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock worth $217,000 after purchasing an additional 2,481 shares in the last quarter. Finally, Consolidated Portfolio Review Corp bought a new position in shares of Algoma Steel Group during the 3rd quarter worth about $1,382,000. Institutional investors own 72.00% of the company’s stock.

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.