BMO Capital Markets Cuts Algoma Central (TSE:ALC) Price Target to C$15.00

Algoma Central (TSE:ALC) had its price target lowered by BMO Capital Markets from C$18.00 to C$15.00 in a report published on Monday,BayStreet.CA reports.

Algoma Central Price Performance

Shares of TSE:ALC opened at C$15.08 on Monday. Algoma Central has a twelve month low of C$14.03 and a twelve month high of C$15.60. The company’s 50 day moving average is C$14.89 and its 200 day moving average is C$14.82. The company has a current ratio of 0.76, a quick ratio of 2.06 and a debt-to-equity ratio of 50.70. The company has a market cap of C$617.40 million, a PE ratio of 8.37 and a beta of 0.72.

Algoma Central Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Monday, March 3rd were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 5.31%. The ex-dividend date of this dividend was Friday, February 14th. This is an increase from Algoma Central’s previous quarterly dividend of $0.19. Algoma Central’s dividend payout ratio is 42.19%.

Insider Buying and Selling

In other Algoma Central news, Director Richard Brydone Carty sold 2,000 shares of the company’s 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. 54.61% of the stock is owned by corporate insiders.

About Algoma Central

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.