Wells Fargo & Company MN Makes New Investment in Algoma Steel Group Inc. (NASDAQ:ASTL)

Wells Fargo & Company MN bought a new stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) during the 4th quarter, Holdings Channel reports. The fund bought 21,477 shares of the company’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ASTL. Arrowstreet Capital Limited Partnership lifted its stake in shares of Algoma Steel Group by 276.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock worth $12,884,000 after buying an additional 966,976 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Algoma Steel Group during the 4th quarter valued at $1,248,000. Heartland Advisors Inc. increased its holdings in shares of Algoma Steel Group by 100.0% in the 4th quarter. Heartland Advisors Inc. now owns 200,000 shares of the company’s stock worth $1,956,000 after purchasing an additional 100,000 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Algoma Steel Group by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 357,367 shares of the company’s stock worth $3,656,000 after purchasing an additional 49,642 shares during the last quarter. Finally, Hartree Partners LP lifted its holdings in shares of Algoma Steel Group by 44.4% during the fourth quarter. Hartree Partners LP now owns 152,751 shares of the company’s stock valued at $1,494,000 after purchasing an additional 46,984 shares in the last quarter. Institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Up 10.2 %

NASDAQ ASTL opened at $5.81 on Friday. The stock’s 50-day moving average price is $5.47 and its 200-day moving average price is $8.05. The company has a market capitalization of $609.67 million, a P/E ratio of -4.57 and a beta of 1.58. The company has a quick ratio of 1.66, a current ratio of 3.31 and a debt-to-equity ratio of 0.42. Algoma Steel Group Inc. has a 52 week low of $4.17 and a 52 week high of $12.14.

Algoma Steel Group (NASDAQ:ASTL) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.36. The business had revenue of $359.30 million for the quarter, compared to analysts’ expectations of $327.56 million. Algoma Steel Group had a negative return on equity of 10.63% and a negative net margin of 6.30%. On average, equities research analysts predict that Algoma Steel Group Inc. will post -0.63 earnings per share for the current year.

Algoma Steel Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Tuesday, May 13th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Tuesday, May 13th. Algoma Steel Group’s payout ratio is -12.99%.

Wall Street Analysts Forecast Growth

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

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.