Algoma Steel Group (TSE:ASTL) Trading 10.5% Higher – What’s Next?

Algoma Steel Group Inc. (TSE:ASTL)’s share price traded up 10.5% during trading on Thursday . The company traded as high as C$8.17 and last traded at C$8.09. 215,675 shares were traded during trading, an increase of 41% from the average session volume of 152,824 shares. The stock had previously closed at C$7.32.

Analyst Ratings Changes

A number of research analysts have issued reports on ASTL shares. Royal Bank of Canada set a C$8.00 target price on shares of Algoma Steel Group and gave the company a “sector perform” rating in a report on Tuesday, April 22nd. BMO Capital Markets reduced their price objective on shares of Algoma Steel Group from C$14.00 to C$12.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Finally, Stifel Nicolaus lowered their target price on shares of Algoma Steel Group from C$15.25 to C$14.75 and set a “hold” rating for the company in a research note on Thursday, April 17th.

Algoma Steel Group Stock Performance

The company’s fifty day moving average price is C$7.74 and its two-hundred day moving average price is C$11.41. The company has a debt-to-equity ratio of 43.70, a quick ratio of 1.51 and a current ratio of 3.31. The firm has a market capitalization of C$840.31 million, a PE ratio of -5.55 and a beta of 1.50.

Algoma Steel Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Friday, May 30th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.47%. Algoma Steel Group’s dividend payout ratio (DPR) is presently -18.53%.

Insider Transactions at Algoma Steel Group

In other Algoma Steel Group news, Senior Officer Michael Moraca acquired 3,800 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was bought at an average cost of C$7.82 per share, for a total transaction of C$29,716.00. Insiders own 7.57% of the company’s stock.

Algoma Steel Group Company 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.