Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Up 8.9% in November

Algoma Steel Group Inc. (NASDAQ:ASTL) saw a large increase in short interest in November. As of November 15th, there was short interest totalling 4,750,000 shares, an increase of 8.9% from the October 31st total of 4,360,000 shares. Based on an average daily trading volume, of 626,600 shares, the short-interest ratio is currently 7.6 days.

Institutional Trading of Algoma Steel Group

Hedge funds have recently bought and sold shares of the business. Clayton Partners LLC purchased a new stake in shares of Algoma Steel Group in the second quarter valued at approximately $73,000. XTX Topco Ltd purchased a new position in shares of Algoma Steel Group during the 2nd quarter worth $73,000. Wexford Capital LP acquired a new position in shares of Algoma Steel Group during the 3rd quarter valued at about $107,000. Net Worth Advisory Group purchased a new stake in shares of Algoma Steel Group in the third quarter valued at about $159,000. Finally, DekaBank Deutsche Girozentrale increased its position in Algoma Steel Group by 13.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock worth $217,000 after purchasing an additional 2,481 shares during the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Price Performance

Shares of NASDAQ ASTL traded down $0.12 during midday trading on Wednesday, hitting $10.50. The stock had a trading volume of 93,471 shares, compared to its average volume of 572,866. The stock has a 50 day simple moving average of $10.49 and a 200-day simple moving average of $9.26. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $1.10 billion, a PE ratio of -8.36 and a beta of 1.47. Algoma Steel Group has a 1 year low of $6.67 and a 1 year high of $12.14.

Algoma Steel Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Wednesday, November 27th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.20 dividend on an annualized basis and a yield of 1.90%. Algoma Steel Group’s payout ratio is presently -15.75%.

Algoma Steel Group Company Profile

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.