Algoma Steel Group (NASDAQ:ASTL) Shares Gap Down to $9.07

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) gapped down before the market opened on Wednesday . The stock had previously closed at $9.07, but opened at $8.74. Algoma Steel Group shares last traded at $8.93, with a volume of 82,558 shares.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.95 and a quick ratio of 1.06. The company has a market capitalization of $923.57 million, a PE ratio of 29.26 and a beta of 1.48. The stock has a 50-day simple moving average of $7.90 and a 200 day simple moving average of $7.99.

Algoma Steel Group (NASDAQ:ASTL) last released 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. The business had revenue of $460.35 million for the quarter, compared to analyst estimates of $439.82 million. Algoma Steel Group had a net margin of 3.81% and a return on equity of 7.01%. During the same period in the previous year, the firm earned ($0.14) EPS. Equities analysts anticipate that Algoma Steel Group Inc. will post -0.25 EPS for the current fiscal year.

Algoma Steel Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Tuesday, July 2nd were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Tuesday, July 2nd. Algoma Steel Group’s payout ratio is currently 64.52%.

Institutional Trading of Algoma Steel Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Donald Smith & CO. Inc. increased its position 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 worth $82,849,000 after purchasing 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 buying 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 buying an additional 2,508,133 shares in the last quarter. TCW Group Inc. raised 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 buying an additional 18,000 shares during 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 valued at approximately $19,461,000. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

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.