Algoma Steel Group (TSE:ASTL) Sets New 1-Year High – What’s Next?

Algoma Steel Group Inc. (TSE:ASTL)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$14.95 and last traded at C$14.95, with a volume of 6563 shares changing hands. The stock had previously closed at C$14.72.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ASTL shares. Cormark raised their target price on shares of Algoma Steel Group from C$14.50 to C$18.75 in a research report on Monday, July 22nd. BMO Capital Markets increased their price target on shares of Algoma Steel Group from C$13.00 to C$15.00 in a research note on Thursday, August 15th. Finally, Stifel Nicolaus lifted their price objective on Algoma Steel Group from C$16.00 to C$19.00 in a research report on Thursday, August 15th.

Algoma Steel Group Price Performance

The firm has a fifty day moving average price of C$13.81 and a two-hundred day moving average price of C$11.97. The company has a quick ratio of 1.51, a current ratio of 4.19 and a debt-to-equity ratio of 40.70. The stock has a market capitalization of C$1.52 billion, a P/E ratio of -66.23 and a beta of 1.50.

Algoma Steel Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 27th were issued a $0.05 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.20 annualized dividend and a yield of 1.37%. Algoma Steel Group’s dividend payout ratio (DPR) is presently -122.73%.

Insider Activity at Algoma Steel Group

In related news, Director David Daniel Sgro sold 6,845 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of C$10.06, for a total value of C$68,842.90. In related news, Director Michael Allan Mcquade sold 36,260 shares of Algoma Steel Group stock in a transaction dated Friday, September 13th. The stock was sold at an average price of C$13.80, for a total value of C$500,388.00. Also, Director David Daniel Sgro sold 6,845 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of C$10.06, for a total transaction of C$68,842.90. 7.57% of the stock is owned by insiders.

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.