ABC Arbitrage SA Takes Position in ArcelorMittal $MT

ABC Arbitrage SA acquired a new stake in shares of ArcelorMittal (NYSE:MT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 73,471 shares of the basic materials company's stock, valued at approximately $3,819,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MT. True Wealth Design LLC raised its position in ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in ArcelorMittal during the 4th quarter worth approximately $44,000. Geneos Wealth Management Inc. boosted its position in ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock worth $47,000 after buying an additional 501 shares during the period. Allworth Financial LP grew its holdings in ArcelorMittal by 91.5% during the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company's stock worth $51,000 after acquiring an additional 538 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in ArcelorMittal by 126.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company's stock worth $52,000 after acquiring an additional 640 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors.

ArcelorMittal Stock Down 0.2%

ArcelorMittal stock opened at $65.93 on Tuesday. The company has a market capitalization of $51.10 billion, a PE ratio of 17.31, a PEG ratio of 0.53 and a beta of 1.55. ArcelorMittal has a 12-month low of $30.17 and a 12-month high of $72.50. The firm's fifty day moving average is $64.71 and its 200 day moving average is $58.70. The company has a quick ratio of 0.54, a current ratio of 1.39 and a debt-to-equity ratio of 0.19.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.04. The business had revenue of $15.46 billion during the quarter, compared to analyst estimates of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. ArcelorMittal's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.05 EPS. As a group, sell-side analysts predict that ArcelorMittal will post 4.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Wells Fargo & Company increased their price objective on ArcelorMittal from $61.00 to $62.00 and gave the company an "equal weight" rating in a report on Thursday, July 9th. Santander lowered ArcelorMittal from an "outperform" rating to a "neutral" rating in a research report on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $70.00 price target on shares of ArcelorMittal in a research note on Tuesday, July 7th. JPMorgan Chase & Co. upgraded ArcelorMittal from an "underweight" rating to a "neutral" rating in a research report on Friday. Finally, Weiss Ratings raised ArcelorMittal from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, May 4th. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $68.40.

ArcelorMittal Company Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world's largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal's operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.

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