Algoma Steel Group (NASDAQ:ASTL) Sees Strong Trading Volume – Here’s Why

Algoma Steel Group Inc. (NASDAQ:ASTL) saw unusually-strong trading volume on Tuesday . Approximately 224,188 shares traded hands during trading, a decline of 61% from the previous session’s volume of 576,482 shares.The stock last traded at $10.73 and had previously closed at $11.07.

Algoma Steel Group Trading Down 0.4 %

The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of -8.40 and a beta of 1.49. The business has a 50 day simple moving average of $10.44 and a 200-day simple moving average of $9.17.

Algoma Steel Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Wednesday, November 27th will be given a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.20 annualized dividend and a dividend yield of 1.87%. Algoma Steel Group’s dividend payout ratio is presently -15.75%.

Hedge Funds Weigh In On Algoma Steel Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Clayton Partners LLC acquired a new stake in shares of Algoma Steel Group during the 2nd quarter worth $73,000. XTX Topco Ltd purchased a new stake in Algoma Steel Group during the second quarter valued at about $73,000. Wexford Capital LP acquired a new stake in Algoma Steel Group during the third quarter worth about $107,000. Net Worth Advisory Group purchased a new position in shares of Algoma Steel Group in the 3rd quarter worth about $159,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of Algoma Steel Group by 13.3% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock worth $217,000 after purchasing an additional 2,481 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.