Algoma Steel Group (NASDAQ:ASTL) Trading Up 6.4% Following Dividend Announcement

Algoma Steel Group Inc. (NASDAQ:ASTL) shares were up 6.4% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $6.29 and last traded at $6.19. Approximately 560,152 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 945,567 shares. The stock had previously closed at $5.82.

The newly announced dividend which will be paid on Thursday, April 10th. Shareholders of record on Friday, March 21st will be paid a dividend of $0.05 per share. The ex-dividend date is Friday, March 21st. This represents a $0.20 dividend on an annualized basis and a yield of 3.05%. Algoma Steel Group’s dividend payout ratio is currently -15.75%.

Algoma Steel Group Stock Performance

The firm has a market capitalization of $686.99 million, a P/E ratio of -5.16 and a beta of 1.48. 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 business’s 50 day simple moving average is $7.80 and its two-hundred day simple moving average is $9.40.

Institutional Trading of Algoma Steel Group

A number of large investors have recently made changes to their positions in the stock. Mackenzie Financial Corp bought a new stake in shares of Algoma Steel Group in the fourth quarter worth approximately $1,955,000. Public Employees Retirement System of Ohio bought a new stake in shares of Algoma Steel Group in the fourth quarter worth approximately $462,000. Woodline Partners LP grew its stake in shares of Algoma Steel Group by 59.2% in the fourth quarter. Woodline Partners LP now owns 2,844,439 shares of the company’s stock worth $27,819,000 after acquiring an additional 1,057,517 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Algoma Steel Group in the fourth quarter worth approximately $114,000. Finally, Two Sigma Advisers LP bought a new stake in shares of Algoma Steel Group in the fourth quarter worth approximately $117,000. 72.00% of the stock is currently owned by institutional investors.

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.