Algoma Steel Group (NASDAQ:ASTL) Shares Gap Down – Here’s Why

Shares of Algoma Steel Group Inc. (NASDAQ:ASTL) gapped down before the market opened on Friday . The stock had previously closed at $9.70, but opened at $9.30. Algoma Steel Group shares last traded at $9.08, with a volume of 239,402 shares changing hands.

Algoma Steel Group Stock Performance

The firm’s fifty day simple moving average is $10.43 and its 200 day simple moving average is $9.59. The company has a market capitalization of $936.21 million, a price-to-earnings ratio of -7.04 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66.

Algoma Steel Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Wednesday, November 27th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Wednesday, November 27th. Algoma Steel Group’s dividend payout ratio is -15.75%.

Institutional Trading of Algoma Steel Group

Several large investors have recently added to or reduced their stakes in the company. XTX Topco Ltd acquired a new stake in shares of Algoma Steel Group in the second quarter worth $73,000. Clayton Partners LLC acquired a new stake in Algoma Steel Group during the 2nd quarter worth about $73,000. Wexford Capital LP purchased a new position in Algoma Steel Group during the 3rd quarter valued at about $107,000. Net Worth Advisory Group acquired a new position in shares of Algoma Steel Group in the 3rd quarter valued at about $159,000. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Algoma Steel Group by 13.3% in the third quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock worth $217,000 after purchasing an additional 2,481 shares in the last quarter. 72.00% of the stock is owned by institutional investors and hedge funds.

Algoma Steel Group Company 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.