Algoma Steel Group (NASDAQ:ASTL) Sees Strong Trading Volume – Here’s Why

Algoma Steel Group Inc. (NASDAQ:ASTL) shares saw strong trading volume on Tuesday . 224,188 shares were traded during trading, a decline of 61% from the previous session’s volume of 576,482 shares.The stock last traded at $10.73 and had previously closed at $11.07.

Algoma Steel Group Stock Performance

The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66. The company has a market capitalization of $1.11 billion, a PE ratio of -8.40 and a beta of 1.49. The stock has a 50-day simple moving average of $10.44 and a 200 day simple moving average of $9.17.

Algoma Steel Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Wednesday, November 27th will be given a $0.05 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.20 annualized dividend and a dividend yield of 1.87%. Algoma Steel Group’s dividend payout ratio is presently -15.75%.

Hedge Funds Weigh In On Algoma Steel Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Boston Partners increased its stake in shares of Algoma Steel Group by 125.2% during the 1st quarter. Boston Partners now owns 62,137 shares of the company’s stock worth $528,000 after purchasing an additional 34,548 shares in the last quarter. Intact Investment Management Inc. increased its position in Algoma Steel Group by 7.2% during the second quarter. Intact Investment Management Inc. now owns 1,217,900 shares of the company’s stock worth $8,448,000 after buying an additional 81,700 shares in the last quarter. CIBC Asset Management Inc increased its position 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 worth $716,000 after buying an additional 5,674 shares in the last quarter. American Century Companies Inc. raised 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 acquiring an additional 146,104 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Algoma Steel Group in the second quarter valued at $939,000. Institutional investors and hedge funds own 72.00% of the company’s stock.

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.