Short Interest in Algoma Steel Group Inc. (NASDAQ:ASTL) Drops By 21.1%

Algoma Steel Group Inc. (NASDAQ:ASTL) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 2,840,000 shares, a decline of 21.1% from the February 28th total of 3,600,000 shares. Based on an average daily volume of 924,200 shares, the days-to-cover ratio is currently 3.1 days. Currently, 2.7% of the company’s stock are short sold.

Algoma Steel Group Price Performance

ASTL stock opened at $5.44 on Wednesday. The firm has a market cap of $570.57 million, a P/E ratio of -4.28 and a beta of 1.47. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.66 and a current ratio of 3.31. Algoma Steel Group has a 1 year low of $5.20 and a 1 year high of $12.14. The stock has a 50-day simple moving average of $7.23 and a 200-day simple moving average of $9.03.

Algoma Steel Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Friday, March 21st will be paid a $0.05 dividend. The ex-dividend date is Friday, March 21st. This represents a $0.20 annualized dividend and a dividend yield of 3.68%. Algoma Steel Group’s dividend payout ratio (DPR) is presently -17.54%.

Institutional Investors Weigh In On Algoma Steel Group

A number of large investors have recently added to or reduced their stakes in ASTL. FMR LLC purchased a new position in Algoma Steel Group in the 3rd quarter valued at about $36,008,000. Quantbot Technologies LP lifted its stake in shares of Algoma Steel Group by 831.9% in the third quarter. Quantbot Technologies LP now owns 28,375 shares of the company’s stock worth $290,000 after acquiring an additional 25,330 shares in the last quarter. Walleye Capital LLC boosted its holdings in Algoma Steel Group by 45.0% in the third quarter. Walleye Capital LLC now owns 54,247 shares of the company’s stock valued at $555,000 after purchasing an additional 16,843 shares during the last quarter. PDT Partners LLC grew its stake in Algoma Steel Group by 476.0% during the 3rd quarter. PDT Partners LLC now owns 80,337 shares of the company’s stock valued at $822,000 after purchasing an additional 66,390 shares in the last quarter. Finally, HITE Hedge Asset Management LLC increased its holdings in Algoma Steel Group by 7.9% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 92,646 shares of the company’s stock worth $948,000 after purchasing an additional 6,803 shares during the last quarter. 72.00% of the stock is owned by institutional investors and hedge funds.

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.