MQS Management LLC Trims Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

MQS Management LLC lessened its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 46.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,800 shares of the company’s stock after selling 11,007 shares during the quarter. MQS Management LLC’s holdings in Algoma Steel Group were worth $109,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Donald Smith & CO. Inc. grew its holdings in 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 valued at $82,849,000 after buying an additional 134,919 shares in the last quarter. MMCAP International Inc. SPC grew its holdings in shares of 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 purchasing an additional 4,700,510 shares in the last quarter. Thomist Capital Management LP grew its holdings in shares of Algoma Steel Group by 100.3% during the first quarter. Thomist Capital Management LP now owns 5,007,597 shares of the company’s stock worth $42,514,000 after purchasing an additional 2,508,133 shares in the last quarter. TCW Group Inc. grew its holdings in shares of Algoma Steel Group by 0.7% during the fourth quarter. TCW Group Inc. now owns 2,431,227 shares of the company’s stock worth $24,385,000 after purchasing an additional 18,000 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Algoma Steel Group during the fourth quarter worth about $19,461,000. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Price Performance

Shares of NASDAQ ASTL traded up $0.03 during midday trading on Thursday, hitting $8.63. 453,807 shares of the company’s stock were exchanged, compared to its average volume of 522,123. 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 2.95, a quick ratio of 1.06 and a debt-to-equity ratio of 0.08. The company has a market cap of $898.56 million, a price-to-earnings ratio of 27.84 and a beta of 1.47. The business’s fifty day moving average price is $7.62 and its two-hundred day moving average price is $8.01.

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

Algoma Steel Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 19th. Investors 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 dividend on an annualized basis and a yield of 2.32%. Algoma Steel Group’s payout ratio is 64.52%.

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.