PCJ Investment Counsel Ltd. Has $3.46 Million Stock Position in Algoma Steel Group Inc. (NASDAQ:ASTL)

PCJ Investment Counsel Ltd. lifted its position in shares of Algoma Steel Group Inc. (NASDAQ:ASTL - Free Report) by 138.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 427,530 shares of the company's stock after acquiring an additional 248,430 shares during the quarter. Algoma Steel Group makes up about 1.4% of PCJ Investment Counsel Ltd.'s investment portfolio, making the stock its 24th largest position. PCJ Investment Counsel Ltd. owned approximately 0.41% of Algoma Steel Group worth $3,461,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ASTL. Toronto Dominion Bank grew its stake in Algoma Steel Group by 58.9% in the fourth quarter. Toronto Dominion Bank now owns 15,885 shares of the company's stock valued at $100,000 after acquiring an additional 5,885 shares during the period. Wolf Hill Capital Management LP bought a new stake in Algoma Steel Group during the fourth quarter worth about $14,828,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Algoma Steel Group by 3.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 41,422 shares of the company's stock worth $262,000 after acquiring an additional 1,571 shares in the last quarter. Polus Capital Management Ltd bought a new stake in Algoma Steel Group during the fourth quarter worth about $34,763,000. Finally, Donald Smith & CO. Inc. raised its stake in Algoma Steel Group by 97.3% in the fourth quarter. Donald Smith & CO. Inc. now owns 6,333,688 shares of the company's stock valued at $40,156,000 after buying an additional 3,123,662 shares during the period. Institutional investors own 62.44% of the company's stock.

Shares of NASDAQ ASTL traded up $0.17 during mid-day trading on Friday, hitting $7.17. 174,145 shares of the stock traded hands, compared to its average volume of 942,246. The firm has a 50 day simple moving average of $7.33 and a two-hundred day simple moving average of $7.56. Algoma Steel Group Inc. has a twelve month low of $5.64 and a twelve month high of $9.94. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.98 and a quick ratio of 1.87. The company has a market cap of $742.81 million, a PE ratio of 8.33 and a beta of 1.46.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last released its quarterly earnings results on Wednesday, June 21st. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.01 by ($0.15). The company had revenue of $500.99 million for the quarter, compared to analyst estimates of $476.58 million. Algoma Steel Group had a net margin of 11.21% and a return on equity of 21.23%. As a group, equities research analysts forecast that Algoma Steel Group Inc. will post 1.73 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, July 24th. Stockholders of record on Wednesday, July 5th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, July 4th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.79%. Algoma Steel Group's payout ratio is presently 23.81%.

Separately, TheStreet upgraded Algoma Steel Group from a "d+" rating to a "c-" rating in a research note on Thursday, April 13th.

View Our Latest Stock Analysis on ASTL

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Algoma Steel Group, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Algoma Steel Group wasn't on the list.

While Algoma Steel Group currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Click the link below and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.