ArcelorMittal $MT Stock Holdings Lowered by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its ArcelorMittal stake by 25.4% in the first quarter, leaving it with 1,104,401 shares valued at about $57.4 million.
• ArcelorMittal reported Q1 earnings of $0.76 per share, beating analysts’ expectations, though revenue of $15.46 billion came in below consensus.
• Analyst sentiment remains mixed but constructive: the stock holds a Moderate Buy rating overall, with an average price target of $68.40.

Bank of New York Mellon Corp lessened its holdings in shares of ArcelorMittal (NYSE:MT - Free Report) by 25.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,104,401 shares of the basic materials company's stock after selling 376,353 shares during the period. Bank of New York Mellon Corp owned 0.14% of ArcelorMittal worth $57,407,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of ArcelorMittal during the fourth quarter valued at about $44,000. Geneos Wealth Management Inc. grew its position in ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock valued at $47,000 after buying an additional 501 shares in the last quarter. Allworth Financial LP grew its position in ArcelorMittal by 91.5% in the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company's stock valued at $51,000 after buying an additional 538 shares in the last quarter. CIBC Private Wealth Group LLC raised 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 buying an additional 640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of ArcelorMittal by 268.6% in 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 during the period. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Stock Performance

Shares of NYSE MT opened at $66.10 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. ArcelorMittal has a one year low of $30.17 and a one year high of $72.50. The business's 50-day moving average price is $65.38 and its two-hundred day moving average price is $59.86. The company has a market capitalization of $51.23 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 0.51 and a beta of 1.55.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.04. The company had revenue of $15.46 billion during the quarter, compared to the consensus estimate of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business's quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the business earned $1.05 EPS. Analysts anticipate that ArcelorMittal will post 4.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MT shares. Citigroup reissued a "buy" rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Wells Fargo & Company boosted their price target on shares of ArcelorMittal from $61.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Weiss Ratings raised shares of ArcelorMittal from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, May 4th. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an "underweight" rating to a "neutral" rating in a report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $70.00 price target on shares of ArcelorMittal in a research report on Tuesday, July 7th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $68.40.

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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