Algoma Steel Group Inc. to Issue Quarterly Dividend of $0.05 (NASDAQ:ASTL)

Algoma Steel Group Inc. (NASDAQ:ASTLGet Rating) announced a quarterly dividend on Wednesday, August 3rd, Zacks reports. Stockholders of record on Wednesday, August 31st will be given a dividend of 0.05 per share on Friday, September 30th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend is Tuesday, August 30th.

Algoma Steel Group Trading Up 2.8 %

Shares of NASDAQ:ASTL traded up $0.26 during trading on Friday, reaching $9.49. 28,014 shares of the company traded hands, compared to its average volume of 3,063,257. The company has a current ratio of 3.57, a quick ratio of 2.67 and a debt-to-equity ratio of 0.05. Algoma Steel Group has a 52-week low of $7.75 and a 52-week high of $13.65. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 1.51 and a beta of 1.21. The business’s fifty day moving average is $9.22 and its 200-day moving average is $9.61.

Algoma Steel Group (NASDAQ:ASTLGet Rating) last issued its quarterly earnings data on Tuesday, June 14th. The company reported $1.15 EPS for the quarter, topping the consensus estimate of $1.10 by $0.05. The business had revenue of $743.53 million during the quarter, compared to analyst estimates of $722.06 million. Algoma Steel Group had a net margin of 24.16% and a return on equity of 89.39%. As a group, analysts forecast that Algoma Steel Group will post 4.11 EPS for the current year.

Institutional Trading of Algoma Steel Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in shares of Algoma Steel Group by 920.8% during the first quarter. Bank of America Corp DE now owns 17,691 shares of the company’s stock valued at $199,000 after acquiring an additional 15,958 shares in the last quarter. Nomura Holdings Inc. increased its stake in Algoma Steel Group by 19.0% during the 1st quarter. Nomura Holdings Inc. now owns 224,264 shares of the company’s stock valued at $2,645,000 after purchasing an additional 35,870 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Algoma Steel Group by 671.4% during the first quarter. Royal Bank of Canada now owns 108,403 shares of the company’s stock valued at $1,220,000 after buying an additional 94,351 shares during the last quarter. Goldman Sachs Group Inc. purchased a new position in Algoma Steel Group in the 1st quarter worth approximately $249,000. Finally, Renaissance Technologies LLC bought a new position in Algoma Steel Group in the 1st quarter valued at approximately $730,000.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus reduced their price target on Algoma Steel Group from C$15.50 to C$15.00 in a research note on Monday, July 25th.

Algoma Steel Group Company Profile

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Algoma Steel Group Inc produces and sells steel products primarily in North America. It 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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