Algoma Steel Group Target of Unusually High Options Trading (NASDAQ:ASTL)

Algoma Steel Group Inc. (NASDAQ:ASTL) saw unusually large options trading activity on Tuesday. Traders bought 10,025 call options on the stock. This is an increase of 1,591% compared to the average daily volume of 593 call options.

Algoma Steel Group Stock Up 4.7 %

ASTL stock traded up $0.46 during trading hours on Tuesday, hitting $10.30. The company’s stock had a trading volume of 185,252 shares, compared to its average volume of 582,899. The company has a quick ratio of 2.15, a current ratio of 4.19 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $1.07 billion, a PE ratio of 33.48 and a beta of 1.50. Algoma Steel Group has a 12 month low of $6.34 and a 12 month high of $10.71. The stock has a 50 day moving average price of $9.54 and a two-hundred day moving average price of $8.35.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings data 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. The business had revenue of $475.44 million during the quarter, compared to analysts’ expectations of $444.32 million. Algoma Steel Group had a negative net margin of 0.72% and a negative return on equity of 1.23%. On average, equities research analysts expect that Algoma Steel Group will post -0.72 earnings per share for the current year.

Algoma Steel Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders 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 dividend yield of 1.94%. The ex-dividend date of this dividend is Friday, August 23rd. Algoma Steel Group’s dividend payout ratio is 64.52%.

Hedge Funds Weigh In On Algoma Steel Group

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. bought a new stake in Algoma Steel Group during the 4th quarter worth about $126,000. MMCAP International Inc. SPC acquired a new stake in Algoma Steel Group in the fourth quarter valued at $30,364,000. CastleKnight Management LP lifted its stake in shares of Algoma Steel Group by 123.0% during the 4th quarter. CastleKnight Management LP now owns 345,500 shares of the company’s stock worth $3,465,000 after buying an additional 190,600 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in Algoma Steel Group in the 4th quarter worth about $114,000. Finally, Thomist Capital Management LP increased its holdings in Algoma Steel Group by 100.3% in the 1st quarter. Thomist Capital Management LP now owns 5,007,597 shares of the company’s stock valued at $42,514,000 after buying an additional 2,508,133 shares during the period. Institutional investors and hedge funds own 72.00% of the company’s stock.

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.