Short Interest in Algoma Steel Group Inc. (NASDAQ:ASTL) Grows By 5.9%

Algoma Steel Group Inc. (NASDAQ:ASTL) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 4,100,000 shares, an increase of 5.9% from the September 30th total of 3,870,000 shares. Based on an average daily trading volume, of 657,700 shares, the days-to-cover ratio is currently 6.2 days.

Algoma Steel Group Trading Up 0.3 %

Shares of NASDAQ ASTL opened at $10.61 on Thursday. The business’s 50 day moving average price is $10.08 and its 200-day moving average price is $8.71. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 34.23 and a beta of 1.50. Algoma Steel Group has a fifty-two week low of $6.67 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.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.04. The company had revenue of $475.44 million for 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%. On average, sell-side analysts expect that Algoma Steel Group will post -0.58 earnings per share for the current year.

Algoma Steel Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 23rd were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.20 annualized dividend and a yield of 1.89%. Algoma Steel Group’s payout ratio is currently 64.52%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Clayton Partners LLC purchased a new position in Algoma Steel Group during the 2nd quarter worth $73,000. XTX Topco Ltd bought a new stake in Algoma Steel Group during the 2nd quarter valued at $73,000. Net Worth Advisory Group bought a new stake in Algoma Steel Group during the 3rd quarter valued at $159,000. DekaBank Deutsche Girozentrale boosted its position in Algoma Steel Group by 13.3% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock valued at $217,000 after acquiring an additional 2,481 shares in the last quarter. Finally, Boston Partners boosted its position in Algoma Steel Group by 125.2% during the 1st quarter. Boston Partners now owns 62,137 shares of the company’s stock valued at $528,000 after acquiring an additional 34,548 shares in the last quarter. 72.00% of the stock is currently 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.