Algoma Steel Group Inc. (NASDAQ:ASTL) Sees Significant Decline in Short Interest

Algoma Steel Group Inc. (NASDAQ:ASTL) was the target of a large decline in short interest during the month of May. As of May 31st, there was short interest totalling 2,990,000 shares, a decline of 9.1% from the May 15th total of 3,290,000 shares. Based on an average daily trading volume, of 376,600 shares, the days-to-cover ratio is presently 7.9 days.

Institutional Investors Weigh In On Algoma Steel Group

A number of institutional investors and hedge funds have recently bought and sold shares of ASTL. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Algoma Steel Group in the 3rd quarter valued at about $73,000. Aigen Investment Management LP acquired a new stake in shares of Algoma Steel Group in the third quarter valued at approximately $186,000. EJF Capital LLC grew its position in shares of Algoma Steel Group by 35.0% during the third quarter. EJF Capital LLC now owns 36,458 shares of the company’s stock worth $248,000 after acquiring an additional 9,458 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Algoma Steel Group by 47.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,329 shares of the company’s stock valued at $194,000 after acquiring an additional 6,236 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in Algoma Steel Group in the 4th quarter valued at $19,461,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Trading Down 0.8 %

Shares of Algoma Steel Group stock opened at $7.30 on Wednesday. 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 company has a fifty day simple moving average of $7.73 and a 200-day simple moving average of $8.30. The stock has a market cap of $760.08 million, a price-to-earnings ratio of 73.00 and a beta of 1.51. Algoma Steel Group has a 12-month low of $6.34 and a 12-month high of $10.25.

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.