Van ECK Associates Corp Trims Stock Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

Van ECK Associates Corp trimmed its holdings in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,204 shares of the company’s stock after selling 2,884 shares during the period. Van ECK Associates Corp owned about 0.11% of Algoma Steel Group worth $788,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of ASTL. Quadrature Capital Ltd acquired a new position in shares of Algoma Steel Group in the fourth quarter worth $114,000. Victory Capital Management Inc. acquired a new position in Algoma Steel Group in the 4th quarter valued at about $126,000. Boston Partners purchased a new position in Algoma Steel Group in the 4th quarter valued at about $277,000. Aigen Investment Management LP boosted its stake in shares of Algoma Steel Group by 79.4% during the 4th quarter. Aigen Investment Management LP now owns 48,993 shares of the company’s stock worth $491,000 after purchasing an additional 21,687 shares during the last quarter. Finally, Jump Financial LLC grew its holdings in shares of Algoma Steel Group by 37.5% during the fourth quarter. Jump Financial LLC now owns 92,063 shares of the company’s stock worth $923,000 after buying an additional 25,118 shares in the last quarter. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Stock Performance

NASDAQ:ASTL opened at $10.29 on Friday. Algoma Steel Group Inc. has a 1-year low of $6.34 and a 1-year high of $10.71. The firm has a 50 day simple moving average of $8.90 and a 200-day simple moving average of $8.20. The firm has a market cap of $1.07 billion, a PE ratio of 33.19 and a beta of 1.50. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.19 and a quick ratio of 2.15.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.04. Algoma Steel Group had a negative return on equity of 1.23% and a negative net margin of 0.72%. The company had revenue of $475.44 million for the quarter, compared to analyst estimates of $444.32 million. On average, equities analysts expect that Algoma Steel Group Inc. will post -0.72 EPS for the current year.

Algoma Steel Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 23rd will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Friday, August 23rd. Algoma Steel Group’s payout ratio is 64.52%.

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.