Short Interest in Algoma Steel Group Inc. (NASDAQ:ASTL) Declines By 21.1%

Algoma Steel Group Inc. (NASDAQ:ASTL) was the recipient of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 2,840,000 shares, a decline of 21.1% from the February 28th total of 3,600,000 shares. Currently, 2.7% of the company’s shares are sold short. Based on an average daily volume of 924,200 shares, the days-to-cover ratio is presently 3.1 days.

Algoma Steel Group Stock Performance

NASDAQ:ASTL opened at $5.71 on Monday. The firm has a market capitalization of $598.89 million, a PE ratio of -4.50 and a beta of 1.47. The stock’s fifty day moving average is $7.35 and its 200 day moving average is $9.10. Algoma Steel Group has a fifty-two week low of $5.20 and a fifty-two week high of $12.14. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31.

Algoma Steel Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Friday, March 21st will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Friday, March 21st. Algoma Steel Group’s dividend payout ratio is currently -17.54%.

Institutional Investors Weigh In On Algoma Steel Group

Institutional investors have recently made changes to their positions in the company. Aquatic Capital Management LLC bought a new position in Algoma Steel Group during the 4th quarter valued at about $64,000. Wexford Capital LP bought a new stake in Algoma Steel Group in the third quarter worth about $107,000. Squarepoint Ops LLC purchased a new position in shares of Algoma Steel Group during the fourth quarter valued at approximately $114,000. Two Sigma Advisers LP bought a new position in shares of Algoma Steel Group during the fourth quarter valued at approximately $117,000. Finally, Corient Private Wealth LLC purchased a new stake in shares of Algoma Steel Group in the fourth quarter worth approximately $147,000. Institutional investors 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.