Intact Investment Management Inc. Boosts Stock Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

Intact Investment Management Inc. increased its stake in Algoma Steel Group Inc. (NASDAQ:ASTL) by 1.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,100,800 shares of the company’s stock after buying an additional 17,200 shares during the period. Intact Investment Management Inc. owned 1.06% of Algoma Steel Group worth $11,050,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in Algoma Steel Group in the 4th quarter valued at approximately $19,461,000. Russell Investments Group Ltd. lifted its position in Algoma Steel Group by 93.5% in the 4th quarter. Russell Investments Group Ltd. now owns 251,132 shares of the company’s stock valued at $2,527,000 after acquiring an additional 121,323 shares in the last quarter. Jump Financial LLC bought a new position in Algoma Steel Group in the 3rd quarter valued at approximately $455,000. Aigen Investment Management LP bought a new position in Algoma Steel Group in the 3rd quarter valued at approximately $186,000. Finally, Meixler Investment Management Ltd. bought a new position in Algoma Steel Group in the 3rd quarter valued at approximately $83,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Up 1.0 %

ASTL stock traded up $0.08 during midday trading on Friday, hitting $7.86. The company’s stock had a trading volume of 239,853 shares, compared to its average volume of 455,050. The company has a market cap of $818.23 million, a PE ratio of 78.60 and a beta of 1.52. Algoma Steel Group Inc. has a 12 month low of $6.34 and a 12 month high of $10.25. The company has a current ratio of 2.88, a quick ratio of 0.98 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average is $8.07 and its 200-day moving average is $8.19.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings results on Tuesday, February 6th. The company reported ($0.57) earnings per share for the quarter. The firm had revenue of $452.07 million for the quarter, compared to the consensus estimate of $453.22 million. Algoma Steel Group had a net margin of 2.05% and a return on equity of 3.84%. On average, equities research analysts forecast that Algoma Steel Group Inc. will post 0.77 earnings per share for the current fiscal year.

Algoma Steel Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, February 29th were issued 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 2.54%. 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.