Royal Bank of Canada Lowers Position in ArcelorMittal $MT

Royal Bank of Canada trimmed its holdings in shares of ArcelorMittal (NYSE:MT - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 929,548 shares of the basic materials company's stock after selling 40,123 shares during the period. Royal Bank of Canada owned approximately 0.11% of ArcelorMittal worth $26,817,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vise Technologies Inc. purchased a new stake in ArcelorMittal during the 4th quarter valued at $217,000. Charles Schwab Investment Management Inc. boosted its stake in shares of ArcelorMittal by 12.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 76,010 shares of the basic materials company's stock worth $2,193,000 after buying an additional 8,448 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new position in shares of ArcelorMittal in the 4th quarter worth $2,521,000. Nomura Holdings Inc. purchased a new position in shares of ArcelorMittal in the 4th quarter worth $1,055,000. Finally, Summit Securities Group LLC purchased a new position in shares of ArcelorMittal in the 1st quarter worth $3,778,000. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MT shares. Barclays downgraded ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Wall Street Zen downgraded ArcelorMittal from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Wells Fargo & Company upgraded ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Three investment 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, the stock presently has a consensus rating of "Hold" and an average price target of $33.45.

ArcelorMittal Stock Performance

NYSE MT traded down $0.30 on Friday, hitting $34.75. 957,641 shares of the company traded hands, compared to its average volume of 1,416,688. The company has a market capitalization of $28.47 billion, a price-to-earnings ratio of 10.73, a P/E/G ratio of 0.16 and a beta of 1.64. 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 business's 50 day moving average price is $33.30 and its 200-day moving average price is $31.12. ArcelorMittal has a 52-week low of $21.59 and a 52-week high of $35.13.

ArcelorMittal (NYSE:MT - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.01). The company had revenue of $15.93 billion for the quarter, compared to analysts' expectations of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. ArcelorMittal's revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 earnings per share. Equities analysts expect that ArcelorMittal will post 3.72 earnings per share for the current year.

About ArcelorMittal

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.