Algoma Steel Group (NASDAQ:ASTL) Shares Gap Down – What’s Next?

Algoma Steel Group Inc. (NASDAQ:ASTL) shares gapped down before the market opened on Friday . The stock had previously closed at $9.70, but opened at $9.30. Algoma Steel Group shares last traded at $9.08, with a volume of 239,402 shares trading hands.

Algoma Steel Group Trading Down 7.8 %

The firm has a market capitalization of $936.21 million, a P/E ratio of -7.04 and a beta of 1.47. The business’s 50 day moving average is $10.43 and its two-hundred day moving average is $9.59. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42.

Algoma Steel Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Wednesday, November 27th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Wednesday, November 27th. Algoma Steel Group’s dividend payout ratio is currently -15.75%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company boosted its stake in Algoma Steel Group by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 81,305 shares of the company’s stock valued at $563,000 after purchasing an additional 1,621 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Algoma Steel Group by 13.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock valued at $217,000 after buying an additional 2,481 shares in the last quarter. CIBC Asset Management Inc grew its holdings in Algoma Steel Group by 5.8% during the second quarter. CIBC Asset Management Inc now owns 103,334 shares of the company’s stock worth $716,000 after acquiring an additional 5,674 shares during the period. Bank of Montreal Can raised its position in Algoma Steel Group by 1.7% in the second quarter. Bank of Montreal Can now owns 364,422 shares of the company’s stock worth $2,536,000 after acquiring an additional 6,154 shares in the last quarter. Finally, HITE Hedge Asset Management LLC raised its position in Algoma Steel Group by 7.9% in the third quarter. HITE Hedge Asset Management LLC now owns 92,646 shares of the company’s stock worth $948,000 after acquiring an additional 6,803 shares in the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

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.