NewGen Asset Management Ltd Raises Stock Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

NewGen Asset Management Ltd boosted its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL) by 9.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 578,900 shares of the company’s stock after purchasing an additional 50,000 shares during the quarter. Algoma Steel Group accounts for 5.1% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 5th biggest holding. NewGen Asset Management Ltd’s holdings in Algoma Steel Group were worth $5,662,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ASTL. Gamco Investors INC. ET AL boosted its holdings in shares of Algoma Steel Group by 4.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 32,675 shares of the company’s stock worth $320,000 after buying an additional 1,350 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Algoma Steel Group by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 152,846 shares of the company’s stock valued at $1,499,000 after buying an additional 1,985 shares during the period. Legal & General Group Plc lifted its position in shares of Algoma Steel Group by 4.8% during the 4th quarter. Legal & General Group Plc now owns 80,745 shares of the company’s stock valued at $790,000 after buying an additional 3,666 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Algoma Steel Group by 4.0% during the 4th quarter. Van ECK Associates Corp now owns 103,555 shares of the company’s stock worth $1,013,000 after acquiring an additional 3,944 shares during the period. Finally, American Century Companies Inc. increased 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 acquiring an additional 5,296 shares during the last quarter. Institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Price Performance

Shares of NASDAQ:ASTL opened at $5.13 on Friday. The company has a 50 day moving average of $5.82 and a 200 day moving average of $8.32. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. Algoma Steel Group Inc. has a 12 month low of $4.17 and a 12 month high of $12.14. The stock has a market cap of $538.31 million, a P/E ratio of -4.04 and a beta of 1.57.

Algoma Steel Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Friday, March 21st were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 3.90%. The ex-dividend date was Friday, March 21st. Algoma Steel Group’s payout ratio is -17.54%.

Analysts Set New Price Targets

Several research firms recently commented on ASTL. Royal Bank of Canada raised shares of Algoma Steel Group to a “hold” rating in a report on Tuesday, April 22nd. Stifel Canada lowered Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 17th.

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.