ArcelorMittal $MT Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its ArcelorMittal stake by 73.5% in the first quarter, selling 89,100 shares and retaining 32,071 shares valued at approximately $1.67 million.
• Other institutional investors were more positive, with Arrowstreet Capital increasing its position by 1,317.1% and Icon Advisers boosting its holdings by 140.7%. Institutional investors and hedge funds collectively own 9.29% of the stock.
• Analysts maintain a generally favorable outlook, with ArcelorMittal carrying a “Moderate Buy” consensus rating and an average price target of $72.40; shares opened at $73.75, near their 12-month high of $75.66.

Renaissance Technologies LLC trimmed its holdings in shares of ArcelorMittal (NYSE:MT - Free Report) by 73.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,071 shares of the basic materials company's stock after selling 89,100 shares during the period. Renaissance Technologies LLC's holdings in ArcelorMittal were worth $1,667,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. GC Wealth Management RIA LLC raised its position in ArcelorMittal by 4.2% in the first quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company's stock valued at $529,000 after purchasing an additional 413 shares during the period. Compound Planning Inc. raised its holdings in shares of ArcelorMittal by 26.1% during the 1st quarter. Compound Planning Inc. now owns 6,413 shares of the basic materials company's stock valued at $333,000 after buying an additional 1,326 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in ArcelorMittal by 1,317.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 75,105 shares of the basic materials company's stock worth $3,904,000 after acquiring an additional 69,805 shares in the last quarter. State of Wyoming acquired a new position in ArcelorMittal during the 1st quarter worth approximately $343,000. Finally, Icon Advisers Inc. Co. boosted its holdings in ArcelorMittal by 140.7% in the 1st quarter. Icon Advisers Inc. Co. now owns 65,000 shares of the basic materials company's stock worth $3,379,000 after acquiring an additional 38,000 shares during the period. 9.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on MT shares. Wells Fargo & Company boosted their target price on shares of ArcelorMittal from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. Morgan Stanley reaffirmed an "overweight" rating on shares of ArcelorMittal in a report on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $75.00 price objective on shares of ArcelorMittal in a report on Friday, July 31st. Santander cut shares of ArcelorMittal from an "outperform" rating to a "neutral" rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of ArcelorMittal in a research note on Friday, July 31st. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, ArcelorMittal has an average rating of "Moderate Buy" and an average target price of $72.40.

ArcelorMittal Stock Down 0.2%

MT stock opened at $73.75 on Wednesday. ArcelorMittal has a twelve month low of $31.93 and a twelve month high of $75.66. 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 $57.16 billion, a P/E ratio of 31.25, a PEG ratio of 0.57 and a beta of 1.53. The firm has a 50 day simple moving average of $66.69 and a 200-day simple moving average of $61.94.

ArcelorMittal 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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