Algoma Steel Group (TSE:ASTL) Reaches New 1-Year High Following Analyst Upgrade

Algoma Steel Group Inc. (TSE:ASTL) hit a new 52-week high during mid-day trading on Thursday after BMO Capital Markets raised their price target on the stock from C$13.00 to C$15.00. The stock traded as high as C$13.76 and last traded at C$13.69, with a volume of 60069 shares traded. The stock had previously closed at C$12.85.

Other analysts have also recently issued reports about the company. Cormark upped their price target on Algoma Steel Group from C$14.50 to C$18.75 in a research note on Monday, July 22nd. Stifel Nicolaus raised their price target on shares of Algoma Steel Group from C$16.00 to C$19.00 in a research note on Thursday.

Algoma Steel Group Stock Up 6.4 %

The firm has a fifty day simple moving average of C$10.90 and a 200-day simple moving average of C$10.91. The firm has a market cap of C$1.42 billion, a price-to-earnings ratio of -63.00 and a beta of 1.48. The company has a debt-to-equity ratio of 40.09, a quick ratio of 1.51 and a current ratio of 4.19.

Algoma Steel Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, July 19th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.46%. The ex-dividend date was Tuesday, July 2nd. Algoma Steel Group’s payout ratio is -122.73%.

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.