Invenomic Capital Management LP Grows Stock Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

Invenomic Capital Management LP lifted its stake in shares of Algoma Steel Group Inc. (NASDAQ:ASTL) by 112.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 636,917 shares of the company’s stock after acquiring an additional 336,687 shares during the quarter. Invenomic Capital Management LP’s holdings in Algoma Steel Group were worth $6,516,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. FMR LLC bought a new position in shares of Algoma Steel Group during the 3rd quarter valued at approximately $36,008,000. Intact Investment Management Inc. increased its holdings in Algoma Steel Group by 6.6% in the 3rd quarter. Intact Investment Management Inc. now owns 1,298,600 shares of the company’s stock valued at $13,309,000 after acquiring an additional 80,700 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Algoma Steel Group by 1.7% during the 2nd quarter. Bank of Montreal Can now owns 364,422 shares of the company’s stock valued at $2,536,000 after purchasing an additional 6,154 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Algoma Steel Group by 89.9% in the second quarter. American Century Companies Inc. now owns 308,543 shares of the company’s stock worth $2,140,000 after purchasing an additional 146,104 shares during the last quarter. Finally, PCJ Investment Counsel Ltd. bought a new stake in Algoma Steel Group in the 3rd quarter worth approximately $1,879,000. 72.00% of the stock is currently owned by institutional investors.

Algoma Steel Group Price Performance

Algoma Steel Group stock opened at $10.56 on Tuesday. Algoma Steel Group Inc. has a twelve month low of $6.67 and a twelve month high of $12.14. The company’s 50-day moving average price is $10.49 and its 200-day moving average price is $9.24. 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 Announces Dividend

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

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.