Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Update

Algoma Steel Group Inc. (NASDAQ:ASTL) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 3,410,000 shares, an increase of 20.1% from the March 15th total of 2,840,000 shares. Approximately 3.3% of the shares of the stock are short sold. Based on an average trading volume of 1,040,000 shares, the days-to-cover ratio is presently 3.3 days.

Wall Street Analysts Forecast Growth

Separately, Stifel Canada cut shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 17th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ASTL. Stifel Financial Corp bought a new position in Algoma Steel Group in the 3rd quarter valued at approximately $390,000. Barclays PLC raised its position in shares of Algoma Steel Group by 147.1% in the third quarter. Barclays PLC now owns 25,711 shares of the company’s stock worth $263,000 after buying an additional 15,305 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Algoma Steel Group by 38.4% during the third quarter. Geode Capital Management LLC now owns 150,861 shares of the company’s stock worth $1,545,000 after acquiring an additional 41,835 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Algoma Steel Group by 16.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 357,367 shares of the company’s stock worth $3,656,000 after buying an additional 49,642 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Algoma Steel Group during the 4th quarter valued at $1,248,000. 72.00% of the stock is currently owned by institutional investors.

Algoma Steel Group Price Performance

Shares of NASDAQ:ASTL traded up $0.15 on Tuesday, reaching $5.00. 57,978 shares of the company traded hands, compared to its average volume of 680,720. 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 stock has a market capitalization of $525.09 million, a PE ratio of -3.93 and a beta of 1.57. The company’s 50 day moving average is $6.06 and its 200-day moving average is $8.45. Algoma Steel Group has a fifty-two week low of $4.17 and a fifty-two week high of $12.14.

Algoma Steel Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Friday, March 21st were given a $0.05 dividend. The ex-dividend date was Friday, March 21st. This represents a $0.20 dividend on an annualized basis and a yield of 4.00%. Algoma Steel Group’s payout ratio is -17.54%.

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.