LPL Financial LLC cut its stake in Algoma Steel Group Inc. (NASDAQ:ASTL – Free Report) by 27.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,065 shares of the company’s stock after selling 39,320 shares during the period. LPL Financial LLC owned approximately 0.10% of Algoma Steel Group worth $753,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Aegis Financial Corp boosted its holdings in Algoma Steel Group by 32.3% in the 2nd quarter. Aegis Financial Corp now owns 1,610,022 shares of the company’s stock valued at $11,431,000 after purchasing an additional 392,924 shares during the period. Intact Investment Management Inc. acquired a new position in shares of Algoma Steel Group in the 1st quarter valued at $7,952,000. Goldentree Asset Management LP raised its stake in shares of Algoma Steel Group by 4.6% in the 1st quarter. Goldentree Asset Management LP now owns 2,423,282 shares of the company’s stock valued at $19,580,000 after buying an additional 106,124 shares in the last quarter. Donald Smith & CO. Inc. raised its stake in shares of Algoma Steel Group by 15.2% in the 1st quarter. Donald Smith & CO. Inc. now owns 7,294,665 shares of the company’s stock valued at $58,941,000 after buying an additional 960,977 shares in the last quarter. Finally, Solas Capital Management LLC raised its stake in shares of Algoma Steel Group by 1.6% in the 1st quarter. Solas Capital Management LLC now owns 1,327,751 shares of the company’s stock valued at $10,728,000 after buying an additional 21,329 shares in the last quarter. 64.65% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Separately, Stifel Canada restated a “buy” rating on shares of Algoma Steel Group in a research note on Sunday, September 17th.
Algoma Steel Group Trading Up 1.2 %
Shares of ASTL stock opened at $7.84 on Tuesday. Algoma Steel Group Inc. has a 52-week low of $5.64 and a 52-week high of $9.20. The stock has a market cap of $814.09 million, a price-to-earnings ratio of 39.20 and a beta of 1.45. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 3.23. The firm has a fifty day moving average of $6.93 and a 200-day moving average of $7.17.
Algoma Steel Group Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Thursday, November 30th will be given a dividend of $0.086 per share. The ex-dividend date is Wednesday, November 29th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 4.39%. This is a boost from Algoma Steel Group’s previous quarterly dividend of $0.05. Algoma Steel Group’s dividend payout ratio (DPR) is 100.00%.
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.
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