Algoma Steel Group Target of Unusually Large Options Trading (NASDAQ:ASTL)

Algoma Steel Group Inc. (NASDAQ:ASTL) was the target of some unusual options trading on Tuesday. Traders acquired 10,025 call options on the stock. This is an increase of 1,591% compared to the average daily volume of 593 call options.

Algoma Steel Group Stock Up 3.8 %

Algoma Steel Group stock opened at $10.21 on Wednesday. Algoma Steel Group has a fifty-two week low of $6.34 and a fifty-two week high of $10.71. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.15 and a current ratio of 4.19. The company has a market capitalization of $1.06 billion, a P/E ratio of 32.94 and a beta of 1.50. The stock has a 50-day simple moving average of $9.57 and a 200-day simple moving average of $8.37.

Algoma Steel Group (NASDAQ:ASTL) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.04. The business had revenue of $475.44 million during the quarter, compared to the consensus estimate of $444.32 million. Algoma Steel Group had a negative return on equity of 1.23% and a negative net margin of 0.72%. Equities research analysts expect that Algoma Steel Group will post -0.72 earnings per share for the current year.

Algoma Steel Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 23rd will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.96%. The ex-dividend date is Friday, August 23rd. Algoma Steel Group’s dividend payout ratio is presently 64.52%.

Institutional Trading of Algoma Steel Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASTL. MMCAP International Inc. SPC raised its stake in Algoma Steel Group by 152.2% during the 1st quarter. MMCAP International Inc. SPC now owns 7,789,470 shares of the company’s stock valued at $66,133,000 after acquiring an additional 4,700,510 shares during the last quarter. Thomist Capital Management LP raised its stake in Algoma Steel Group by 100.3% during the 1st quarter. Thomist Capital Management LP now owns 5,007,597 shares of the company’s stock valued at $42,514,000 after acquiring an additional 2,508,133 shares during the last quarter. Yaupon Capital Management LP purchased a new stake in Algoma Steel Group during the 1st quarter valued at approximately $7,663,000. CastleKnight Management LP increased its position in Algoma Steel Group by 123.0% during the 4th quarter. CastleKnight Management LP now owns 345,500 shares of the company’s stock worth $3,465,000 after purchasing an additional 190,600 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Algoma Steel Group by 63.1% during the 1st quarter. Russell Investments Group Ltd. now owns 409,658 shares of the company’s stock worth $3,485,000 after buying an additional 158,526 shares in the last quarter. 72.00% of the stock is owned by hedge funds and other institutional investors.

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.