10,000 Shares in ArcelorMittal $MT Purchased by Corient IA LLC

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

Several other institutional investors also recently added to or reduced their stakes in MT. Wells Fargo & Company MN increased its stake in ArcelorMittal by 61.2% in the 4th quarter. Wells Fargo & Company MN now owns 114,407 shares of the basic materials company's stock worth $2,646,000 after buying an additional 43,425 shares during the period. Envestnet Asset Management Inc. increased its stake in ArcelorMittal by 14.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 348,819 shares of the basic materials company's stock worth $8,068,000 after buying an additional 45,255 shares during the period. Russell Investments Group Ltd. increased its stake in ArcelorMittal by 53.5% in the 4th quarter. Russell Investments Group Ltd. now owns 10,180 shares of the basic materials company's stock worth $235,000 after buying an additional 3,549 shares during the period. Renaissance Technologies LLC grew its holdings in ArcelorMittal by 4.4% during the 4th quarter. Renaissance Technologies LLC now owns 67,400 shares of the basic materials company's stock worth $1,559,000 after acquiring an additional 2,829 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in ArcelorMittal during the 4th quarter worth about $2,777,000. Hedge funds and other institutional investors own 9.29% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on MT. Wells Fargo & Company upgraded shares of ArcelorMittal to a "hold" rating in a report on Thursday. Wall Street Zen cut shares of ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Barclays cut shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $32.96.

ArcelorMittal Stock Down 1.1%

NYSE:MT opened at $33.54 on Monday. ArcelorMittal has a fifty-two week low of $21.59 and a fifty-two week high of $34.90. The stock has a market capitalization of $27.48 billion, a P/E ratio of 10.35, a P/E/G ratio of 0.15 and a beta of 1.65. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. The company's 50-day simple moving average is $32.24 and its 200-day simple moving average is $30.29.

ArcelorMittal (NYSE:MT - Get Free Report) last released 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). ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm had revenue of $15.93 billion during the quarter, compared to the consensus estimate of $15.48 billion. During the same quarter in the prior year, the business posted $0.63 earnings per share. The firm's quarterly revenue was down 2.0% on a year-over-year basis. On average, equities analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current fiscal 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.

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