Adage Capital Partners GP L.L.C. Buys 200,000 Shares of Algoma Steel Group Inc. (NASDAQ:ASTL)

Adage Capital Partners GP L.L.C. grew its stake in Algoma Steel Group Inc. (NASDAQ:ASTL) by 66.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 500,000 shares of the company’s stock after acquiring an additional 200,000 shares during the period. Adage Capital Partners GP L.L.C.’s holdings in Algoma Steel Group were worth $4,890,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in Algoma Steel Group during the 4th quarter worth $1,248,000. JPMorgan Chase & Co. raised its holdings in shares of Algoma Steel Group by 16.1% in the third quarter. JPMorgan Chase & Co. now owns 357,367 shares of the company’s stock valued at $3,656,000 after acquiring an additional 49,642 shares in the last quarter. Hartree Partners LP lifted its stake in Algoma Steel Group by 44.4% in the fourth quarter. Hartree Partners LP now owns 152,751 shares of the company’s stock worth $1,494,000 after acquiring an additional 46,984 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Algoma Steel Group by 276.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company’s stock worth $12,884,000 after acquiring an additional 966,976 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Algoma Steel Group by 38.4% during the 3rd quarter. Geode Capital Management LLC now owns 150,861 shares of the company’s stock valued at $1,545,000 after purchasing an additional 41,835 shares during the period. Institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Stock Down 0.4 %

NASDAQ:ASTL opened at $5.11 on Tuesday. The company’s 50-day simple moving average is $5.77 and its 200-day simple moving average is $8.27. 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 Inc. has a fifty-two week low of $4.17 and a fifty-two week high of $12.14. The stock has a market capitalization of $536.21 million, a P/E ratio of -4.02 and a beta of 1.57.

Algoma Steel Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Friday, March 21st were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date was Friday, March 21st. Algoma Steel Group’s payout ratio is presently -17.54%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ASTL. Stifel Canada downgraded shares of Algoma Steel Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 17th. Royal Bank of Canada upgraded Algoma Steel Group to a “hold” rating in a report on Tuesday, April 22nd.

Algoma Steel Group Profile

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.