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

Algoma Steel Group Inc. (NASDAQ:ASTLGet Free Report)’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

(Get Free Report)

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.

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