The Manufacturers Life Insurance Company Has $563,000 Stock Holdings in Algoma Steel Group Inc. (NASDAQ:ASTL)

The Manufacturers Life Insurance Company boosted its stake in Algoma Steel Group Inc. (NASDAQ:ASTL) by 2.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 81,305 shares of the company’s stock after buying an additional 1,621 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Algoma Steel Group were worth $563,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CIBC Asset Management Inc raised its stake in shares of Algoma Steel Group by 5.8% during the 2nd quarter. CIBC Asset Management Inc now owns 103,334 shares of the company’s stock worth $716,000 after purchasing an additional 5,674 shares during the period. Bank of Montreal Can raised its stake in shares of Algoma Steel Group by 1.7% during the 2nd quarter. Bank of Montreal Can now owns 364,422 shares of the company’s stock valued at $2,536,000 after purchasing an additional 6,154 shares during the period. Clayton Partners LLC purchased a new position in Algoma Steel Group during the second quarter valued at approximately $73,000. XTX Topco Ltd bought a new position in shares of Algoma Steel Group in the second quarter worth $73,000. Finally, Swiss National Bank raised its holdings in shares of Algoma Steel Group by 6.1% in the 1st quarter. Swiss National Bank now owns 196,107 shares of the company’s stock valued at $1,672,000 after acquiring an additional 11,300 shares in the last quarter. 72.00% of the stock is currently owned by hedge funds and other institutional investors.

Algoma Steel Group Stock Performance

Algoma Steel Group stock opened at $9.83 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.15 and a current ratio of 4.19. The stock has a market cap of $1.02 billion, a P/E ratio of 31.71 and a beta of 1.50. The firm’s fifty day moving average price is $9.94 and its 200-day moving average price is $8.58. Algoma Steel Group Inc. has a fifty-two week low of $6.41 and a fifty-two week high of $10.71.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $475.44 million for the quarter, compared to the consensus estimate of $444.32 million. On average, equities research analysts expect that Algoma Steel Group Inc. will post -0.69 earnings per share for the current fiscal year.

Algoma Steel Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, August 23rd were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.20 annualized dividend and a dividend yield of 2.03%. Algoma Steel Group’s dividend payout ratio (DPR) is presently 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.