Intact Investment Management Inc. Acquires 80,700 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

Intact Investment Management Inc. increased its holdings in Algoma Steel Group Inc. (NASDAQ:ASTL) by 6.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,298,600 shares of the company’s stock after purchasing an additional 80,700 shares during the period. Intact Investment Management Inc.’s holdings in Algoma Steel Group were worth $13,309,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Russell Investments Group Ltd. lifted its position in shares of Algoma Steel Group by 63.1% in the 1st quarter. Russell Investments Group Ltd. now owns 409,658 shares of the company’s stock worth $3,485,000 after purchasing an additional 158,526 shares during the period. American Century Companies Inc. lifted its holdings in Algoma Steel Group by 89.9% in the second quarter. American Century Companies Inc. now owns 308,543 shares of the company’s stock valued at $2,140,000 after buying an additional 146,104 shares during the period. O Shaughnessy Asset Management LLC bought a new stake in Algoma Steel Group during the first quarter valued at $1,229,000. Renaissance Technologies LLC grew its holdings in Algoma Steel Group by 106.8% during the 2nd quarter. Renaissance Technologies LLC now owns 126,133 shares of the company’s stock worth $878,000 after acquiring an additional 65,133 shares during the period. Finally, Dimensional Fund Advisors LP bought a new position in shares of Algoma Steel Group in the 2nd quarter worth about $939,000. 72.00% of the stock is currently owned by institutional investors and hedge funds.

Algoma Steel Group Stock Up 2.3 %

Shares of NASDAQ:ASTL opened at $10.59 on Monday. Algoma Steel Group Inc. has a 1 year low of $6.67 and a 1 year high of $10.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.19 and a quick ratio of 2.15. The business’s 50-day moving average is $10.11 and its 200-day moving average is $8.76. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -28.62 and a beta of 1.49.

Algoma Steel Group (NASDAQ:ASTL) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.04. The firm had revenue of $475.44 million for the quarter, compared to analyst estimates of $444.32 million. Algoma Steel Group had a negative return on equity of 1.23% and a negative net margin of 0.72%. Equities research analysts predict that Algoma Steel Group Inc. will post -0.58 earnings per share for the current year.

Algoma Steel Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, August 23rd were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend was Friday, August 23rd. Algoma Steel Group’s payout ratio is -54.05%.

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.