Algoma Steel Group (NASDAQ:ASTL) Shares Gap Down – Here’s Why

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) gapped down before the market opened on Friday . The stock had previously closed at $9.70, but opened at $9.30. Algoma Steel Group shares last traded at $9.08, with a volume of 239,402 shares changing hands.

Algoma Steel Group Trading Down 6.5 %

The firm’s 50 day simple moving average is $10.44 and its 200-day simple moving average is $9.57. The company has a market capitalization of $949.82 million, a PE ratio of -7.14 and a beta of 1.47. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Wednesday, November 27th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.21%. The ex-dividend date was Wednesday, November 27th. Algoma Steel Group’s dividend payout ratio (DPR) is presently -15.75%.

Hedge Funds Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC purchased a new stake in Algoma Steel Group during the 3rd quarter worth $36,008,000. American Century Companies Inc. grew its stake in shares of Algoma Steel Group by 89.9% during the second quarter. American Century Companies Inc. now owns 308,543 shares of the company’s stock valued at $2,140,000 after acquiring an additional 146,104 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of 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 acquiring an additional 65,133 shares in the last quarter. Intact Investment Management Inc. increased its position in shares of Algoma Steel Group by 6.6% during the third quarter. Intact Investment Management Inc. now owns 1,298,600 shares of the company’s stock worth $13,309,000 after acquiring an additional 80,700 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in Algoma Steel Group during the 2nd quarter valued at approximately $939,000. 72.00% of the stock is owned by institutional investors and hedge funds.

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.