Short Interest in Algoma Steel Group Inc. (NASDAQ:ASTL) Rises By 8.9%

Algoma Steel Group Inc. (NASDAQ:ASTL) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 4,750,000 shares, a growth of 8.9% from the October 31st total of 4,360,000 shares. Based on an average trading volume of 626,600 shares, the short-interest ratio is currently 7.6 days.

Institutional Trading of Algoma Steel Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC purchased a new stake in shares of Algoma Steel Group in the third quarter worth $36,008,000. Yaupon Capital Management LP purchased a new position in shares of Algoma Steel Group during the third quarter worth about $9,165,000. Invenomic Capital Management LP increased its position in shares of Algoma Steel Group by 112.1% in the third quarter. Invenomic Capital Management LP now owns 636,917 shares of the company’s stock worth $6,516,000 after purchasing an additional 336,687 shares during the last quarter. PCJ Investment Counsel Ltd. purchased a new stake in Algoma Steel Group in the third quarter valued at approximately $1,879,000. Finally, American Century Companies Inc. grew its stake in Algoma Steel Group by 89.9% in the 2nd quarter. American Century Companies Inc. now owns 308,543 shares of the company’s stock worth $2,140,000 after buying an additional 146,104 shares in the last quarter. Institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Performance

Shares of NASDAQ:ASTL traded down $0.07 during midday trading on Monday, reaching $10.70. 60,154 shares of the company traded hands, compared to its average volume of 574,977. The firm’s fifty day moving average price is $10.47 and its two-hundred day moving average price is $9.22. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -8.43 and a beta of 1.49. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. Algoma Steel Group has a 12 month low of $6.67 and a 12 month high of $12.14.

Algoma Steel Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Wednesday, November 27th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Wednesday, November 27th. Algoma Steel Group’s payout ratio is -15.75%.

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.