Algoma Steel Group (TSE:ASTL) Stock Price Up 10.5% – Should You Buy?

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

Analysts Set New Price Targets

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

Algoma Steel Group Stock Up 10.5 %

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

Algoma Steel Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 30th will be paid a dividend of $0.05 per share. The ex-dividend date is Tuesday, May 13th. This represents a $0.20 annualized dividend and a yield of 2.47%. Algoma Steel Group’s dividend payout ratio (DPR) is -18.53%.

Insider Buying and Selling at Algoma Steel Group

In other news, Senior Officer Michael Moraca purchased 3,800 shares of Algoma Steel Group stock in a transaction dated Monday, May 5th. The stock was bought at an average price of C$7.82 per share, with a total value of C$29,716.00. 7.57% of the stock is currently owned by insiders.

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.