Algoma Central (TSE:ALC) Share Price Passes Above 50-Day Moving Average – Should You Sell?

Algoma Central Co. (TSE:ALC)’s share price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$14.93 and traded as high as C$15.30. Algoma Central shares last traded at C$15.20, with a volume of 4,323 shares traded.

Analysts Set New Price Targets

Separately, BMO Capital Markets dropped their target price on Algoma Central from C$18.00 to C$15.00 in a research report on Monday, March 17th.

Algoma Central Price Performance

The stock’s 50 day moving average price is C$14.93 and its 200-day moving average price is C$14.84. The company has a quick ratio of 2.06, a current ratio of 0.76 and a debt-to-equity ratio of 50.70. The stock has a market capitalization of C$622.31 million, a PE ratio of 8.44 and a beta of 0.72.

Algoma Central Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Monday, March 3rd were paid a $0.20 dividend. This is an increase from Algoma Central’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 5.26%. The ex-dividend date of this dividend was Friday, February 14th. Algoma Central’s dividend payout ratio is currently 42.19%.

Insider Transactions at Algoma Central

In related news, Director Richard Brydone Carty sold 2,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of C$15.10, for a total value of C$30,200.00. Corporate insiders own 54.61% of the company’s stock.

Algoma Central Company Profile

Algoma Central Corporation owns and operates a fleet of dry and liquid bulk carriers activities in Canada. The company operates through Domestic Dry-Bulk, Product Tankers, Ocean Self-Unloaders, Global Short Sea Shipping, and Investment Properties segments. The company operates dry-bulk carriers for industrial sectors, including producers in iron and steel, aggregate, cement and building materials, and salt producers as well as, agricultural product distributors.