Algoma Steel Group (TSE:ASTL) Hits New 12-Month Low Following Analyst Downgrade

Algoma Steel Group Inc. (TSE:ASTL) shares hit a new 52-week low during trading on Wednesday after BMO Capital Markets lowered their price target on the stock from C$14.00 to C$12.00. BMO Capital Markets currently has an outperform rating on the stock. Algoma Steel Group traded as low as C$6.06 and last traded at C$6.16, with a volume of 304490 shares trading hands. The stock had previously closed at C$6.79.

Separately, Stifel Nicolaus dropped their price objective on Algoma Steel Group from C$21.00 to C$15.25 and set a “buy” rating on the stock in a research report on Friday, March 14th.

Algoma Steel Group Stock Performance

The firm has a market cap of C$668.92 million, a P/E ratio of -4.42 and a beta of 1.50. The company has a debt-to-equity ratio of 43.70, a quick ratio of 1.51 and a current ratio of 3.31. The business’s 50-day simple moving average is C$9.39 and its 200 day simple moving average is C$12.32.

Algoma Steel Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Thursday, April 10th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 3.11%. The ex-dividend date was Friday, March 21st. Algoma Steel Group’s payout ratio is currently -18.53%.

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.