Algoma Steel Group (NASDAQ:ASTL) Sees Unusually-High Trading Volume

Algoma Steel Group Inc. (NASDAQ:ASTL) shares saw unusually-strong trading volume on Thursday . Approximately 325,276 shares were traded during trading, a decline of 37% from the previous session’s volume of 516,478 shares.The stock last traded at $9.66 and had previously closed at $8.85.

Algoma Steel Group Price Performance

The stock has a market capitalization of $994.35 million, a PE ratio of 31.42 and a beta of 1.47. The company has a quick ratio of 1.06, a current ratio of 2.95 and a debt-to-equity ratio of 0.08. The stock’s 50-day moving average is $7.66 and its 200 day moving average is $7.98.

Algoma Steel Group (NASDAQ:ASTL) last announced its quarterly earnings results on Saturday, June 22nd. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.08. Algoma Steel Group had a return on equity of 7.01% and a net margin of 3.81%. The business had revenue of $460.35 million during the quarter, compared to analysts’ expectations of $439.82 million. During the same quarter in the previous year, the business posted ($0.14) EPS. As a group, equities analysts predict that Algoma Steel Group Inc. will post -0.25 earnings per share for the current year.

Algoma Steel Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Stockholders of record on Tuesday, July 2nd were given a $0.05 dividend. The ex-dividend date was Tuesday, July 2nd. This represents a $0.20 annualized dividend and a dividend yield of 2.09%. Algoma Steel Group’s dividend payout ratio is 64.52%.

Institutional Investors Weigh In On Algoma Steel Group

Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its stake in Algoma Steel Group by 148.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,976 shares of the company’s stock valued at $90,000 after acquiring an additional 5,357 shares during the period. Quadrature Capital Ltd bought a new position in shares of Algoma Steel Group during the 4th quarter worth approximately $114,000. Victory Capital Management Inc. bought a new stake in Algoma Steel Group in the fourth quarter valued at $126,000. McAdam LLC bought a new stake in Algoma Steel Group in the fourth quarter valued at $161,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Algoma Steel Group by 47.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,329 shares of the company’s stock worth $194,000 after acquiring an additional 6,236 shares in the last quarter. 72.00% of the stock is owned by institutional investors and hedge funds.

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.