The Manufacturers Life Insurance Company Buys 1,621 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

The Manufacturers Life Insurance Company increased its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,305 shares of the company’s stock after acquiring an additional 1,621 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of Algoma Steel Group worth $563,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. CIBC Asset Management Inc boosted its position in shares of Algoma Steel Group by 5.8% in the 2nd quarter. CIBC Asset Management Inc now owns 103,334 shares of the company’s stock worth $716,000 after purchasing an additional 5,674 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Algoma Steel Group by 1.7% in the 2nd quarter. Bank of Montreal Can now owns 364,422 shares of the company’s stock valued at $2,536,000 after acquiring an additional 6,154 shares in the last quarter. Clayton Partners LLC bought a new stake in shares of Algoma Steel Group during the 2nd quarter worth approximately $73,000. XTX Topco Ltd acquired a new position in shares of Algoma Steel Group during the 2nd quarter worth about $73,000. Finally, Swiss National Bank increased its holdings in shares of Algoma Steel Group by 6.1% during the 1st quarter. Swiss National Bank now owns 196,107 shares of the company’s stock worth $1,672,000 after acquiring an additional 11,300 shares during the last quarter. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Stock Performance

NASDAQ ASTL opened at $9.83 on Wednesday. Algoma Steel Group Inc. has a 52-week low of $6.41 and a 52-week high of $10.71. The stock has a market cap of $1.02 billion, a PE ratio of 31.71 and a beta of 1.50. The firm has a 50-day moving average of $9.94 and a 200-day moving average of $8.58. 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 results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.04. The business had revenue of $475.44 million for the quarter, compared to analyst estimates of $444.32 million. Algoma Steel Group had a negative net margin of 0.72% and a negative return on equity of 1.23%. On average, sell-side analysts anticipate that Algoma Steel Group Inc. will post -0.69 EPS for the current year.

Algoma Steel Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 23rd were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Friday, August 23rd. Algoma Steel Group’s dividend payout ratio is presently 64.52%.

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.