Algoma Steel Group Inc. (NASDAQ:ASTL) Shares Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC increased its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 7.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 92,646 shares of the company’s stock after buying an additional 6,803 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Algoma Steel Group were worth $948,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ASTL. XTX Topco Ltd bought a new stake in Algoma Steel Group during the 2nd quarter valued at $73,000. Clayton Partners LLC purchased a new position in shares of Algoma Steel Group during the 2nd quarter worth $73,000. Net Worth Advisory Group bought a new stake in Algoma Steel Group in the 3rd quarter valued at $159,000. DekaBank Deutsche Girozentrale grew its stake in shares of Algoma Steel Group by 13.3% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock worth $217,000 after buying an additional 2,481 shares in the last quarter. Finally, Quantbot Technologies LP boosted its position in Algoma Steel Group by 831.9% in the 3rd quarter. Quantbot Technologies LP now owns 28,375 shares of the company’s stock valued at $290,000 after buying an additional 25,330 shares during the period. Institutional investors and hedge funds own 72.00% of the company’s stock.

Algoma Steel Group Trading Down 1.9 %

Shares of NASDAQ ASTL opened at $10.56 on Tuesday. Algoma Steel Group Inc. has a 52 week low of $6.67 and a 52 week high of $12.14. The business has a 50 day simple moving average of $10.49 and a 200 day simple moving average of $9.24. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.20 annualized dividend and a yield of 1.89%. Algoma Steel Group’s payout ratio is -15.75%.

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.