Intact Investment Management Inc. Boosts Stake in Algoma Steel Group Inc. (NASDAQ:ASTL)

Intact Investment Management Inc. lifted its position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 1.6% during the 4th quarter, HoldingsChannel reports. The fund owned 1,100,800 shares of the company’s stock after purchasing an additional 17,200 shares during the period. Intact Investment Management Inc.’s holdings in Algoma Steel Group were worth $11,050,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC purchased a new position in Algoma Steel Group in the 3rd quarter valued at about $73,000. Meixler Investment Management Ltd. purchased a new position in Algoma Steel Group in the 3rd quarter valued at about $83,000. Aigen Investment Management LP purchased a new position in Algoma Steel Group in the 3rd quarter valued at about $186,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Algoma Steel Group by 47.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,329 shares of the company’s stock valued at $194,000 after buying an additional 6,236 shares in the last quarter. Finally, EJF Capital LLC lifted its stake in Algoma Steel Group by 35.0% in the 3rd quarter. EJF Capital LLC now owns 36,458 shares of the company’s stock valued at $248,000 after buying an additional 9,458 shares in the last quarter. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Price Performance

ASTL stock traded up $0.08 during mid-day trading on Friday, reaching $7.86. The company’s stock had a trading volume of 239,853 shares, compared to its average volume of 455,050. The stock has a market cap of $818.23 million, a PE ratio of 78.60 and a beta of 1.52. The company has a current ratio of 2.88, a quick ratio of 0.98 and a debt-to-equity ratio of 0.09. Algoma Steel Group Inc. has a fifty-two week low of $6.34 and a fifty-two week high of $10.25. The company’s 50 day moving average is $8.07 and its two-hundred day moving average is $8.19.

Algoma Steel Group (NASDAQ:ASTL) last released its quarterly earnings data on Tuesday, February 6th. The company reported ($0.57) EPS for the quarter. The business had revenue of $452.07 million during the quarter, compared to analyst estimates of $453.22 million. Algoma Steel Group had a net margin of 2.05% and a return on equity of 3.84%. Equities research analysts expect that Algoma Steel Group Inc. will post 0.77 EPS for the current year.

Algoma Steel Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 29th were issued a $0.05 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $0.20 dividend on an annualized basis and a yield of 2.54%. Algoma Steel Group’s payout ratio is 200.00%.

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.