Corient IA LLC Invests $288,000 in ArcelorMittal $MT

Key Points

• Corient IA LLC has purchased 10,000 shares of ArcelorMittal, worth approximately $288,000, signaling increasing institutional interest in the basic materials company.
• ArcelorMittal's stock rating has been updated to "hold" by Wells Fargo & Company, while other brokerages, including Barclays, have downgraded their ratings, indicating a mixed outlook among analysts.
• The company reported earnings per share of $1.32 for the last quarter, missing analysts' expectations slightly while achieving revenue of $15.93 billion.

Corient IA LLC bought a new stake in ArcelorMittal (NYSE:MT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,000 shares of the basic materials company's stock, valued at approximately $288,000.

Several other hedge funds have also made changes to their positions in MT. Telemark Asset Management LLC bought a new stake in shares of ArcelorMittal in the first quarter valued at about $11,540,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of ArcelorMittal by 22.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock valued at $54,021,000 after buying an additional 337,158 shares during the period. Bank of America Corp DE raised its position in ArcelorMittal by 56.7% in the fourth quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company's stock worth $18,140,000 after purchasing an additional 283,758 shares in the last quarter. Northern Trust Corp raised its position in ArcelorMittal by 31.7% in the fourth quarter. Northern Trust Corp now owns 1,153,924 shares of the basic materials company's stock worth $26,690,000 after purchasing an additional 277,891 shares in the last quarter. Finally, Auto Owners Insurance Co acquired a new position in ArcelorMittal in the first quarter worth about $3,940,000. Institutional investors own 9.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MT. Wall Street Zen lowered shares of ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Barclays lowered shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company raised shares of ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, ArcelorMittal presently has a consensus rating of "Hold" and a consensus target price of $32.96.

ArcelorMittal Price Performance

Shares of ArcelorMittal stock traded up $0.7660 during midday trading on Friday, reaching $33.9960. The company had a trading volume of 1,259,737 shares, compared to its average volume of 2,009,243. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $27.85 billion, a price-to-earnings ratio of 10.49, a price-to-earnings-growth ratio of 0.15 and a beta of 1.65. The stock has a fifty day simple moving average of $32.59 and a 200 day simple moving average of $30.53. ArcelorMittal has a 1-year low of $21.59 and a 1-year high of $35.13.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.01). The company had revenue of $15.93 billion during the quarter, compared to analyst estimates of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The business's revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 EPS. As a group, equities research analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.