Algoma Steel Group Inc. (NASDAQ:ASTL) Short Interest Down 6.2% in April

Algoma Steel Group Inc. (NASDAQ:ASTL) was the recipient of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 3,490,000 shares, a decrease of 6.2% from the March 31st total of 3,720,000 shares. Based on an average daily volume of 584,500 shares, the short-interest ratio is currently 6.0 days.

Algoma Steel Group Stock Performance

Shares of NASDAQ:ASTL opened at $7.65 on Thursday. The stock has a market capitalization of $796.39 million, a PE ratio of 76.50 and a beta of 1.52. Algoma Steel Group has a 1 year low of $6.34 and a 1 year high of $10.25. The firm has a fifty day moving average price of $8.04 and a 200 day moving average price of $8.22. The company has a current ratio of 2.88, a quick ratio of 0.98 and a debt-to-equity ratio of 0.09.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings data on Tuesday, February 6th. The company reported ($0.57) earnings per share (EPS) for the quarter. The business had revenue of $452.07 million during the quarter, compared to the consensus estimate of $453.22 million. Algoma Steel Group had a return on equity of 3.84% and a net margin of 2.05%. Analysts expect that Algoma Steel Group will post 0.77 EPS for the current fiscal year.

Algoma Steel Group Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date was Wednesday, February 28th. Algoma Steel Group’s dividend payout ratio (DPR) is 200.00%.

Institutional Investors Weigh In On Algoma Steel Group

A number of hedge funds have recently bought and sold shares of ASTL. MMCAP International Inc. SPC bought a new stake in Algoma Steel Group during the fourth quarter valued at about $30,364,000. Thomist Capital Management LP boosted its holdings in Algoma Steel Group by 100.3% during the first quarter. Thomist Capital Management LP now owns 5,007,597 shares of the company’s stock valued at $42,514,000 after acquiring an additional 2,508,133 shares during the period. Donald Smith & CO. Inc. boosted its holdings in Algoma Steel Group by 25.6% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,623,479 shares of the company’s stock valued at $96,523,000 after acquiring an additional 1,959,530 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd bought a new stake in Algoma Steel Group during the fourth quarter valued at about $19,461,000. Finally, CastleKnight Management LP boosted its holdings in Algoma Steel Group by 123.0% during the fourth quarter. CastleKnight Management LP now owns 345,500 shares of the company’s stock valued at $3,465,000 after acquiring an additional 190,600 shares during the period. 72.00% of the stock is currently owned by institutional investors.

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.