Algoma Steel Group (NASDAQ:ASTL) Trading Up 6.4% Following Dividend Announcement

Algoma Steel Group Inc. (NASDAQ:ASTL)’s stock price shot up 6.4% during trading on Thursday following a dividend announcement from the company. The stock traded as high as $6.29 and last traded at $6.19. 560,152 shares were traded during mid-day trading, a decline of 41% from the average session volume of 945,567 shares. The stock had previously closed at $5.82.

The newly announced dividend which will be paid on Thursday, April 10th. Investors of record on Friday, March 21st will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, March 21st. This represents a $0.20 annualized dividend and a yield of 3.05%. Algoma Steel Group’s dividend payout ratio (DPR) is -15.75%.

Algoma Steel Group Price Performance

The firm’s 50-day moving average is $7.80 and its 200-day moving average is $9.40. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66. The company has a market capitalization of $686.99 million, a P/E ratio of -5.16 and a beta of 1.48.

Institutional Trading of Algoma Steel Group

Several large investors have recently added to or reduced their stakes in ASTL. Aquatic Capital Management LLC bought a new stake in Algoma Steel Group during the fourth quarter valued at approximately $64,000. Wexford Capital LP purchased a new position in Algoma Steel Group during the third quarter valued at approximately $107,000. Squarepoint Ops LLC purchased a new position in Algoma Steel Group during the fourth quarter valued at approximately $114,000. Two Sigma Advisers LP purchased a new position in Algoma Steel Group during the fourth quarter valued at approximately $117,000. Finally, Corient Private Wealth LLC purchased a new position in Algoma Steel Group during the fourth quarter valued at approximately $147,000. 72.00% of the stock is currently owned by institutional investors.

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.