Short Interest in Algoma Steel Group Inc. (NASDAQ:ASTL) Drops By 7.1%

Algoma Steel Group Inc. (NASDAQ:ASTL) was the recipient of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 4,210,000 shares, a drop of 7.1% from the November 30th total of 4,530,000 shares. Based on an average trading volume of 530,900 shares, the days-to-cover ratio is currently 7.9 days.

Institutional Trading of Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC bought a new stake in shares of Algoma Steel Group during the third quarter valued at approximately $36,008,000. American Century Companies Inc. increased its holdings in Algoma Steel Group by 89.9% during the 2nd quarter. American Century Companies Inc. now owns 308,543 shares of the company’s stock worth $2,140,000 after purchasing an additional 146,104 shares during the period. Renaissance Technologies LLC raised its position in Algoma Steel Group by 106.8% during the 2nd quarter. Renaissance Technologies LLC now owns 126,133 shares of the company’s stock valued at $878,000 after purchasing an additional 65,133 shares in the last quarter. Intact Investment Management Inc. lifted its holdings in shares of Algoma Steel Group by 6.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,298,600 shares of the company’s stock worth $13,309,000 after buying an additional 80,700 shares during the period. Finally, Dimensional Fund Advisors LP bought a new position in shares of Algoma Steel Group during the 2nd quarter worth $939,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Trading Down 1.5 %

Shares of NASDAQ:ASTL traded down $0.15 during trading hours on Monday, hitting $9.67. 262,954 shares of the company’s stock traded hands, compared to its average volume of 567,611. The firm has a market capitalization of $1.01 billion, a P/E ratio of -7.61 and a beta of 1.47. The business has a fifty day moving average price of $10.44 and a 200-day moving average price of $9.55. Algoma Steel Group has a 1 year low of $6.67 and a 1 year high of $12.14. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Wednesday, November 27th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Wednesday, November 27th. Algoma Steel Group’s dividend payout ratio (DPR) is presently -15.75%.

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.