Algoma Steel Group Inc. (NASDAQ:ASTL) Sees Significant Decline in Short Interest

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

Institutional Trading of Algoma Steel Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL boosted its holdings in Algoma Steel Group by 4.3% in the fourth quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company’s stock valued at $320,000 after purchasing an additional 1,350 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Algoma Steel Group by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 152,846 shares of the company’s stock valued at $1,499,000 after buying an additional 1,985 shares during the period. Legal & General Group Plc boosted its stake in shares of Algoma Steel Group by 4.8% in the fourth quarter. Legal & General Group Plc now owns 80,745 shares of the company’s stock worth $790,000 after buying an additional 3,666 shares during the last quarter. Van ECK Associates Corp grew its holdings in Algoma Steel Group by 4.0% during the fourth quarter. Van ECK Associates Corp now owns 103,555 shares of the company’s stock worth $1,013,000 after acquiring an additional 3,944 shares during the period. Finally, American Century Companies Inc. raised its position in Algoma Steel Group by 3.2% during the fourth quarter. American Century Companies Inc. now owns 172,428 shares of the company’s stock valued at $1,689,000 after acquiring an additional 5,296 shares in the last quarter. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Price Performance

Shares of NASDAQ ASTL opened at $5.42 on Tuesday. Algoma Steel Group has a 52 week low of $5.20 and a 52 week high of $12.14. The business’s 50 day moving average price is $7.29 and its 200 day moving average price is $9.07. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. The firm has a market cap of $568.47 million, a P/E ratio of -4.27 and a beta of 1.47.

Algoma Steel Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Friday, March 21st will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Friday, March 21st. Algoma Steel Group’s dividend payout ratio (DPR) is currently -17.54%.

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.