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

Algoma Steel Group Inc. (NASDAQ:ASTL) was the target of a large decline in short interest during the month of 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. Currently, 2.7% of the shares of the company are short sold. Based on an average daily volume of 924,200 shares, the short-interest ratio is currently 3.1 days.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Aquatic Capital Management LLC acquired a new stake in Algoma Steel Group in the 4th quarter valued at about $64,000. Wexford Capital LP purchased a new stake in shares of Algoma Steel Group in the third quarter valued at $107,000. Squarepoint Ops LLC purchased a new stake in Algoma Steel Group during the 4th quarter worth about $114,000. Two Sigma Advisers LP acquired a new position in Algoma Steel Group in the 4th quarter valued at about $117,000. Finally, Corient Private Wealth LLC acquired a new stake in shares of Algoma Steel Group during the 4th quarter worth about $147,000. 72.00% of the stock is owned by hedge funds and other institutional investors.

Algoma Steel Group Stock Up 0.4 %

ASTL stock opened at $5.44 on Wednesday. The company has a market cap of $570.57 million, a price-to-earnings ratio of -4.28 and a beta of 1.47. The company has a fifty day moving average price of $7.23 and a 200 day moving average price of $9.03. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.31 and a quick ratio of 1.66. Algoma Steel Group has a 12 month low of $5.20 and a 12 month high of $12.14.

Algoma Steel Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Friday, March 21st will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Friday, March 21st. Algoma Steel Group’s dividend payout ratio is currently -17.54%.

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.