Charles Schwab Investment Management Inc. Cuts Holdings in Algoma Steel Group Inc. (NASDAQ:ASTL)

Charles Schwab Investment Management Inc. lowered its stake in Algoma Steel Group Inc. (NASDAQ:ASTL) by 8.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 449,707 shares of the company’s stock after selling 39,071 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Algoma Steel Group were worth $4,613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its position in Algoma Steel Group by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 81,305 shares of the company’s stock worth $563,000 after acquiring an additional 1,621 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Algoma Steel Group by 13.3% in the third quarter. DekaBank Deutsche Girozentrale now owns 21,188 shares of the company’s stock worth $217,000 after acquiring an additional 2,481 shares in the last quarter. CIBC Asset Management Inc grew its position in Algoma Steel Group by 5.8% in the second quarter. CIBC Asset Management Inc now owns 103,334 shares of the company’s stock worth $716,000 after acquiring an additional 5,674 shares in the last quarter. Bank of Montreal Can grew its position in Algoma Steel Group by 1.7% in the second quarter. Bank of Montreal Can now owns 364,422 shares of the company’s stock worth $2,536,000 after acquiring an additional 6,154 shares in the last quarter. Finally, GSA Capital Partners LLP grew its position in Algoma Steel Group by 23.5% in the third quarter. GSA Capital Partners LLP now owns 44,757 shares of the company’s stock worth $458,000 after acquiring an additional 8,502 shares in the last quarter. Hedge funds and other institutional investors own 72.00% of the company’s stock.

Algoma Steel Group Trading Up 0.9 %

ASTL opened at $10.08 on Friday. The firm has a market cap of $1.06 billion, a P/E ratio of -7.94 and a beta of 1.47. Algoma Steel Group Inc. has a 12 month low of $6.67 and a 12 month high of $12.14. The company has a current ratio of 3.31, a quick ratio of 1.66 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average of $10.50 and a 200 day moving average of $9.35.

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 1.98%. The ex-dividend date of this dividend is Wednesday, November 27th. Algoma Steel Group’s payout ratio is currently -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.