Invenomic Capital Management LP Raises Stock Holdings in Algoma Steel Group Inc. (NASDAQ:ASTL)

Invenomic Capital Management LP increased its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 112.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 636,917 shares of the company’s stock after buying an additional 336,687 shares during the quarter. Invenomic Capital Management LP owned 0.61% of Algoma Steel Group worth $6,516,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. HITE Hedge Asset Management LLC boosted its holdings in Algoma Steel Group by 7.9% in the third quarter. HITE Hedge Asset Management LLC now owns 92,646 shares of the company’s stock valued at $948,000 after acquiring an additional 6,803 shares in the last quarter. PDT Partners LLC boosted its holdings in Algoma Steel Group by 476.0% in the third quarter. PDT Partners LLC now owns 80,337 shares of the company’s stock valued at $822,000 after acquiring an additional 66,390 shares in the last quarter. Walleye Capital LLC boosted its holdings in shares of Algoma Steel Group by 45.0% during the 3rd quarter. Walleye Capital LLC now owns 54,247 shares of the company’s stock valued at $555,000 after buying an additional 16,843 shares in the last quarter. Quantbot Technologies LP boosted its holdings in shares of Algoma Steel Group by 831.9% during the 3rd quarter. Quantbot Technologies LP now owns 28,375 shares of the company’s stock valued at $290,000 after buying an additional 25,330 shares in the last quarter. Finally, FMR LLC bought a new stake in shares of Algoma Steel Group during the 3rd quarter valued at $36,008,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Stock Performance

Shares of NASDAQ:ASTL opened at $10.56 on Tuesday. Algoma Steel Group Inc. has a fifty-two week low of $6.67 and a fifty-two week high of $12.14. The business has a 50-day simple moving average of $10.49 and a two-hundred day simple moving average of $9.24. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66.

Algoma Steel Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Wednesday, November 27th. Algoma Steel Group’s payout ratio is currently -15.75%.

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.