Cormark Weighs in on Algoma Steel Group Inc.’s FY2024 Earnings (NASDAQ:ASTL)

Algoma Steel Group Inc. (NASDAQ:ASTL – Get Rating) – Stock analysts at Cormark upped their FY2024 EPS estimates for Algoma Steel Group in a research note issued on Friday, June 23rd. Cormark analyst D. Ocampo now forecasts that the company will post earnings of $1.47 per share for the year, up from their prior estimate of $1.38. The consensus estimate for Algoma Steel Group’s current full-year earnings is $1.81 per share.

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Separately, TheStreet upgraded Algoma Steel Group from a “d+” rating to a “c-” rating in a research note on Thursday, April 13th.

Algoma Steel Group Price Performance

ASTL opened at $6.96 on Monday. The firm has a market capitalization of $720.85 million, a P/E ratio of 8.29 and a beta of 1.48. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.67 and a quick ratio of 1.47. Algoma Steel Group has a fifty-two week low of $5.64 and a fifty-two week high of $9.94. The company’s 50-day moving average is $7.40 and its 200 day moving average is $7.37.

Institutional Investors Weigh In On Algoma Steel Group

Several hedge funds and other institutional investors have recently made changes to their positions in ASTL. UBS Group AG purchased a new position in Algoma Steel Group during the third quarter valued at $34,000. Deutsche Bank AG purchased a new position in Algoma Steel Group in the fourth quarter valued at about $42,000. Carnegie Capital Asset Management LLC purchased a new stake in shares of Algoma Steel Group during the 4th quarter valued at $64,000. Quantamental Technologies LLC acquired a new stake in shares of Algoma Steel Group during the third quarter worth $70,000. Finally, Alliancebernstein L.P. acquired a new position in Algoma Steel Group during the fourth quarter valued at $77,000. Hedge funds and other institutional investors own 62.44% of the company’s stock.

Algoma Steel Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 24th. Investors of record on Wednesday, July 5th will be given a $0.05 dividend. The ex-dividend date is Monday, July 3rd. This represents a $0.20 annualized dividend and a yield of 2.87%. Algoma Steel Group’s dividend payout ratio (DPR) is presently 23.81%.

About Algoma Steel Group

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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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