Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Down 6.2% in April

Algoma Steel Group Inc. (NASDAQ:ASTL) was the recipient of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 3,490,000 shares, a decrease of 6.2% from the March 31st total of 3,720,000 shares. Based on an average daily trading volume, of 584,500 shares, the days-to-cover ratio is presently 6.0 days.

Hedge Funds Weigh In On Algoma Steel Group

A number of large investors have recently bought and sold shares of the business. CIBC Asset Management Inc increased its holdings in shares of Algoma Steel Group by 2.3% during the 3rd quarter. CIBC Asset Management Inc now owns 87,585 shares of the company’s stock worth $596,000 after purchasing an additional 1,939 shares during the period. Meixler Investment Management Ltd. bought a new stake in Algoma Steel Group during the 3rd quarter worth approximately $83,000. Jump Financial LLC bought a new position in Algoma Steel Group during the third quarter worth $455,000. Gamco Investors INC. ET AL increased its holdings in Algoma Steel Group by 3.2% during the third quarter. Gamco Investors INC. ET AL now owns 64,325 shares of the company’s stock worth $437,000 after buying an additional 2,000 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new position in Algoma Steel Group during the third quarter worth about $73,000. Institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Price Performance

Shares of Algoma Steel Group stock traded down $0.02 during mid-day trading on Wednesday, reaching $7.63. 57,572 shares of the stock traded hands, compared to its average volume of 589,380. Algoma Steel Group has a fifty-two week low of $6.34 and a fifty-two week high of $10.25. The stock has a market capitalization of $794.28 million, a PE ratio of 76.50 and a beta of 1.52. The company has a quick ratio of 0.98, a current ratio of 2.88 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average of $8.05 and a 200 day moving average of $8.22.

Algoma Steel Group (NASDAQ:ASTL) last posted its earnings results on Tuesday, February 6th. The company reported ($0.57) earnings per share for the quarter. Algoma Steel Group had a net margin of 2.05% and a return on equity of 3.84%. The firm had revenue of $452.07 million during the quarter, compared to analysts’ expectations of $453.22 million. On average, analysts predict that Algoma Steel Group will post 0.77 EPS for the current year.

Algoma Steel Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, February 29th were given a dividend of $0.05 per share. The ex-dividend date was Wednesday, February 28th. This represents a $0.20 annualized dividend and a dividend yield of 2.62%. Algoma Steel Group’s payout ratio is 200.00%.

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.