Algoma Steel Group (NASDAQ:ASTL) Reaches New 12-Month High at $10.31

Algoma Steel Group Inc. (NASDAQ:ASTL) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $10.31 and last traded at $10.31, with a volume of 131157 shares. The stock had previously closed at $9.96.

Algoma Steel Group Trading Up 1.7 %

The business’s 50-day moving average price is $8.57 and its 200-day moving average price is $8.13. The firm has a market capitalization of $1.10 billion, a PE ratio of 34.16 and a beta of 1.48. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.95 and a quick ratio of 1.06.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings results on Saturday, June 22nd. The company reported $0.07 earnings per share (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 firm had revenue of $460.35 million for the quarter, compared to analysts’ expectations of $439.82 million. During the same quarter in the previous year, the firm posted ($0.14) EPS. As a group, analysts expect that Algoma Steel Group Inc. will post -0.25 earnings per share for the current fiscal year.

Algoma Steel Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 23rd will be issued a $0.05 dividend. The ex-dividend date is Friday, August 23rd. This represents a $0.20 dividend on an annualized basis and a yield of 1.89%. Algoma Steel Group’s dividend payout ratio (DPR) is presently 64.52%.

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Donald Smith & CO. Inc. raised its stake in shares of Algoma Steel Group by 1.4% during the 1st quarter. Donald Smith & CO. Inc. now owns 9,758,398 shares of the company’s stock worth $82,849,000 after buying an additional 134,919 shares during the last quarter. MMCAP International Inc. SPC raised its position in Algoma Steel Group by 152.2% during the first quarter. MMCAP International Inc. SPC now owns 7,789,470 shares of the company’s stock worth $66,133,000 after acquiring an additional 4,700,510 shares during the last quarter. Thomist Capital Management LP lifted its holdings in shares of Algoma Steel Group by 100.3% in the first quarter. Thomist Capital Management LP now owns 5,007,597 shares of the company’s stock valued at $42,514,000 after purchasing an additional 2,508,133 shares in the last quarter. TCW Group Inc. grew its position in shares of Algoma Steel Group by 0.7% in the fourth quarter. TCW Group Inc. now owns 2,431,227 shares of the company’s stock valued at $24,385,000 after purchasing an additional 18,000 shares during the last quarter. Finally, Intact Investment Management Inc. increased its stake in shares of Algoma Steel Group by 7.2% during the 2nd quarter. Intact Investment Management Inc. now owns 1,217,900 shares of the company’s stock worth $8,448,000 after purchasing an additional 81,700 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.