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

Algoma Steel Group Inc. (NASDAQ:ASTL) shares gapped down prior to trading on Monday . The stock had previously closed at $8.32, but opened at $8.12. Algoma Steel Group shares last traded at $8.26, with a volume of 125,320 shares.

Algoma Steel Group Price Performance

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 firm’s 50-day moving average is $9.11 and its 200-day moving average is $9.77.

Institutional Investors Weigh In On Algoma Steel Group

A number of hedge funds have recently modified their holdings of ASTL. American Century Companies Inc. raised its holdings in Algoma Steel Group by 3.2% in the 4th quarter. American Century Companies Inc. now owns 172,428 shares of the company’s stock worth $1,689,000 after purchasing an additional 5,296 shares during the period. Corient Private Wealth LLC purchased a new stake in Algoma Steel Group in the fourth quarter worth about $147,000. Scheer Rowlett & Associates Investment Management Ltd. raised its stake in shares of Algoma Steel Group by 1.0% in the fourth quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 2,179,362 shares of the company’s stock worth $21,320,000 after buying an additional 22,049 shares during the period. Terril Brothers Inc. purchased a new position in shares of Algoma Steel Group during the 4th quarter valued at about $214,000. Finally, CIBC Asset Management Inc lifted its position in shares of Algoma Steel Group by 16.8% during the 4th quarter. CIBC Asset Management Inc now owns 118,602 shares of the company’s stock valued at $1,159,000 after buying an additional 17,035 shares in the last quarter. Institutional investors own 72.00% of the company’s stock.

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.