Balyasny Asset Management L.P. Sells 30,646 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

Balyasny Asset Management L.P. trimmed its position in Algoma Steel Group Inc. (NASDAQ:ASTL) by 63.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 17,999 shares of the company’s stock after selling 30,646 shares during the period. Balyasny Asset Management L.P.’s holdings in Algoma Steel Group were worth $176,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Aquatic Capital Management LLC acquired a new position in Algoma Steel Group during the 4th quarter valued at about $64,000. Corient Private Wealth LLC bought a new stake in shares of Algoma Steel Group during the fourth quarter worth approximately $147,000. Jump Financial LLC bought a new stake in shares of Algoma Steel Group during the fourth quarter worth approximately $204,000. Wells Fargo & Company MN acquired a new position in Algoma Steel Group in the fourth quarter valued at approximately $210,000. Finally, Terril Brothers Inc. bought a new position in Algoma Steel Group in the fourth quarter valued at approximately $214,000. 72.00% of the stock is owned by institutional investors.

Algoma Steel Group Price Performance

Algoma Steel Group stock opened at $5.75 on Monday. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $603.37 million, a P/E ratio of -4.53 and a beta of 1.58. The business has a 50-day moving average of $5.43 and a 200-day moving average of $7.85. Algoma Steel Group Inc. has a 1 year low of $4.17 and a 1 year high of $12.14.

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

Algoma Steel Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.48%. Algoma Steel Group’s dividend payout ratio is -12.99%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Royal Bank of Canada upgraded shares of Algoma Steel Group to a “hold” rating in a research report on Tuesday, April 22nd. Stifel Canada cut Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 17th.

Algoma Steel Group Profile

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.