Investors Buy High Volume of Algoma Steel Group Put Options (NASDAQ:ASTL)

Algoma Steel Group Inc. (NASDAQ:ASTL) saw unusually large options trading on Monday. Traders bought 4,493 put options on the company. This is an increase of approximately 200% compared to the average daily volume of 1,496 put options.

Institutional Trading of Algoma Steel Group

Hedge funds have recently made changes to their positions in the company. FMR LLC bought a new position in shares of Algoma Steel Group during the third quarter valued at $36,008,000. Woodline Partners LP increased its holdings in Algoma Steel Group by 59.2% in the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock valued at $27,819,000 after purchasing an additional 1,057,517 shares during the period. Scheer Rowlett & Associates Investment Management Ltd. raised its position in Algoma Steel Group by 1.0% during the 4th quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company’s stock worth $21,320,000 after purchasing an additional 22,049 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Algoma Steel Group by 276.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock worth $12,884,000 after buying an additional 966,976 shares during the period. Finally, Intact Investment Management Inc. grew its position in shares of Algoma Steel Group by 6.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,298,600 shares of the company’s stock valued at $13,309,000 after buying an additional 80,700 shares during the last quarter. 72.00% of the stock is owned by institutional investors and hedge funds.

Algoma Steel Group Trading Down 3.8 %

ASTL opened at $6.54 on Wednesday. The company has a market cap of $685.94 million, a P/E ratio of -5.15 and a beta of 1.46. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average is $8.35 and its 200-day moving average is $9.60. Algoma Steel Group has a 1-year low of $6.45 and a 1-year high of $12.14.

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.