Algoma Steel Group Inc. (NASDAQ:ASTL) Shares Sold by Donald Smith & CO. Inc.

Donald Smith & CO. Inc. reduced its position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 9.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,847,451 shares of the company’s stock after selling 910,947 shares during the quarter. Algoma Steel Group comprises 1.6% of Donald Smith & CO. Inc.’s portfolio, making the stock its 26th largest holding. Donald Smith & CO. Inc. owned about 8.50% of Algoma Steel Group worth $61,578,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Quadrature Capital Ltd bought a new position in Algoma Steel Group during the fourth quarter valued at about $114,000. Victory Capital Management Inc. acquired a new position in shares of Algoma Steel Group in the 4th quarter worth approximately $126,000. Boston Partners bought a new stake in shares of Algoma Steel Group in the 4th quarter worth approximately $277,000. Aigen Investment Management LP lifted its stake in Algoma Steel Group by 79.4% during the fourth quarter. Aigen Investment Management LP now owns 48,993 shares of the company’s stock valued at $491,000 after purchasing an additional 21,687 shares during the last quarter. Finally, CIBC Asset Management Inc boosted 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 buying an additional 5,674 shares in the last quarter. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Price Performance

NASDAQ ASTL opened at $10.29 on Monday. Algoma Steel Group Inc. has a 1 year low of $6.34 and a 1 year high of $10.71. The business’s fifty day moving average is $9.23 and its two-hundred day moving average is $8.26. The stock has a market capitalization of $1.07 billion, a P/E ratio of 33.19 and a beta of 1.50. 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 announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.04. Algoma Steel Group had a negative return on equity of 1.23% and a negative net margin of 0.72%. The company had revenue of $475.44 million for the quarter, compared to analyst estimates of $444.32 million. On average, research analysts forecast that Algoma Steel Group Inc. will post -0.72 earnings per share for the current fiscal year.

Algoma Steel Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 23rd will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, August 23rd. Algoma Steel Group’s payout ratio is 64.52%.

Algoma Steel Group 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.