Short Interest in Algoma Steel Group Inc. (NASDAQ:ASTL) Declines By 7.1%

Algoma Steel Group Inc. (NASDAQ:ASTL) was the target of a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 4,210,000 shares, a decrease of 7.1% from the November 30th total of 4,530,000 shares. Based on an average trading volume of 530,900 shares, the short-interest ratio is presently 7.9 days.

Algoma Steel Group Stock Performance

Shares of ASTL stock traded down $0.15 during mid-day trading on Monday, reaching $9.67. 262,954 shares of the company’s stock traded hands, compared to its average volume of 567,611. Algoma Steel Group has a 12 month low of $6.67 and a 12 month high of $12.14. The firm has a 50 day moving average price of $10.44 and a two-hundred day moving average price of $9.55. The firm has a market capitalization of $1.01 billion, a PE ratio of -7.61 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31.

Algoma Steel Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Wednesday, November 27th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Wednesday, November 27th. Algoma Steel Group’s dividend payout ratio (DPR) is -15.75%.

Hedge Funds Weigh In On Algoma Steel Group

Several large investors have recently made changes to their positions in the business. CIBC Asset Management Inc grew its stake 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 valued at $716,000 after acquiring an additional 5,674 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Algoma Steel Group by 89.9% in the second quarter. American Century Companies Inc. now owns 308,543 shares of the company’s stock worth $2,140,000 after purchasing an additional 146,104 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Algoma Steel Group in the second quarter worth about $939,000. Renaissance Technologies LLC boosted its stake in Algoma Steel Group by 106.8% during the second quarter. Renaissance Technologies LLC now owns 126,133 shares of the company’s stock valued at $878,000 after buying an additional 65,133 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Algoma Steel Group during the 2nd quarter valued at approximately $73,000. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

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.