ArcelorMittal $MT Shares Purchased by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its ArcelorMittal stake by 1,317.1% in the first quarter, acquiring 69,805 additional shares for a total holding of 75,105 shares valued at approximately $3.9 million.
• Analyst sentiment is moderately bullish: six analysts rate MT a Buy and six rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $72.40.
• ArcelorMittal shares opened at $71.67, near their 12-month high of $72.50, with the stock trading above both its 50-day and 200-day moving averages.

Arrowstreet Capital Limited Partnership raised its position in ArcelorMittal (NYSE:MT - Free Report) by 1,317.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,105 shares of the basic materials company's stock after acquiring an additional 69,805 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in ArcelorMittal were worth $3,904,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of ArcelorMittal during the fourth quarter worth $44,000. Geneos Wealth Management Inc. lifted its holdings 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 last quarter. Allworth Financial LP lifted 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 buying an additional 538 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of 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 in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of ArcelorMittal by 268.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company's stock worth $76,000 after acquiring an additional 1,765 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MT. Weiss Ratings reissued a "buy (b-)" rating on shares of ArcelorMittal in a research report on Friday. Citigroup reaffirmed a "buy" rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Santander lowered shares of ArcelorMittal from an "outperform" rating to a "neutral" rating in a research note on Tuesday, April 21st. Wells Fargo & Company raised their price objective on shares of ArcelorMittal from $62.00 to $69.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an "underweight" rating to a "neutral" rating in a research report on Friday, July 10th. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $72.40.

ArcelorMittal Price Performance

MT stock opened at $71.67 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $55.54 billion, a P/E ratio of 30.37, a PEG ratio of 0.55 and a beta of 1.55. The business has a 50 day simple moving average of $66.15 and a 200-day simple moving average of $60.89. ArcelorMittal has a twelve month low of $30.36 and a twelve month high of $72.50.

About ArcelorMittal

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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