Algoma Steel Group (NASDAQ:ASTL) Shares Gap Up Following Dividend Announcement

Posted by on Aug 13th, 2023

Algoma Steel Group Inc. (NASDAQ:ASTL – Get Free Report) gapped up prior to trading on Friday following a dividend announcement from the company. The stock had previously closed at $6.84, but opened at $7.06. Algoma Steel Group shares last traded at $7.24, with a volume of 183,062 shares trading hands.

The newly announced dividend which will be paid on Friday, September 29th. Shareholders of record on Friday, August 25th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, August 24th. Algoma Steel Group’s payout ratio is 66.67%.

Algoma Steel Group Trading Up 1.6 %

The company has a market capitalization of $720.02 million, a P/E ratio of 23.17 and a beta of 1.46. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.98 and a quick ratio of 1.87. The firm has a fifty day moving average price of $7.31 and a 200-day moving average price of $7.56.

Algoma Steel Group (NASDAQ:ASTL – Get Free Report) last released its earnings results on Thursday, August 10th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.12). The business had revenue of $615.87 million during the quarter, compared to the consensus estimate of $596.30 million. Algoma Steel Group had a net margin of 4.90% and a return on equity of 8.72%. During the same period in the prior year, the company earned $1.17 earnings per share. On average, equities research analysts anticipate that Algoma Steel Group Inc. will post 1.73 earnings per share for the current year.

Hedge Funds Weigh In On Algoma Steel Group

Several institutional investors have recently modified their holdings of ASTL. JPMorgan Chase & Co. grew its holdings in Algoma Steel Group by 1,414.9% during the first quarter. JPMorgan Chase & Co. now owns 51,508 shares of the company’s stock valued at $579,000 after purchasing an additional 48,108 shares during the period. Bank of Montreal Can grew its holdings in Algoma Steel Group by 30.4% during the first quarter. Bank of Montreal Can now owns 75,868 shares of the company’s stock valued at $870,000 after purchasing an additional 17,698 shares during the period. Acadian Asset Management LLC bought a new position in Algoma Steel Group during the first quarter valued at $561,000. Renaissance Technologies LLC bought a new position in Algoma Steel Group during the first quarter valued at $730,000. Finally, Goldman Sachs Group Inc. bought a new position in Algoma Steel Group during the first quarter valued at $249,000. 62.44% of the stock is owned by institutional investors.

About Algoma Steel Group

(Get Free Report)

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.

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