ArcelorMittal (NYSE:MT) Stock Holdings Raised by ABC Arbitrage SA

Key Points

• ABC Arbitrage SA has increased its holdings in ArcelorMittal by 31.0%, now owning 560,329 shares, making it the 6th largest position in their portfolio.
• ArcelorMittal's stock opened at $30.40, with a 12-month low of $20.52 and a high of $34.90; the company has a market capitalization of $24.90 billion.
• Despite reporting quarterly earnings of $1.32 EPS, which missed analysts' expectations, ArcelorMittal generated revenue of $15.93 billion, exceeding forecasts.

ABC Arbitrage SA increased its position in ArcelorMittal (NYSE:MT - Free Report) by 31.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 560,329 shares of the basic materials company's stock after acquiring an additional 132,535 shares during the period. ArcelorMittal comprises approximately 3.0% of ABC Arbitrage SA's holdings, making the stock its 6th largest position. ABC Arbitrage SA owned approximately 0.07% of ArcelorMittal worth $16,165,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MT. LPL Financial LLC boosted its holdings in shares of ArcelorMittal by 296.1% during the 4th quarter. LPL Financial LLC now owns 77,359 shares of the basic materials company's stock valued at $1,789,000 after acquiring an additional 57,829 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new stake in ArcelorMittal in the fourth quarter worth approximately $259,000. O Shaughnessy Asset Management LLC boosted its holdings in ArcelorMittal by 15.3% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 24,366 shares of the basic materials company's stock worth $564,000 after purchasing an additional 3,231 shares during the last quarter. Wells Fargo & Company MN grew its position in ArcelorMittal by 61.2% in the 4th quarter. Wells Fargo & Company MN now owns 114,407 shares of the basic materials company's stock worth $2,646,000 after purchasing an additional 43,425 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in ArcelorMittal by 14.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 348,819 shares of the basic materials company's stock valued at $8,068,000 after buying an additional 45,255 shares during the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Price Performance

ArcelorMittal stock opened at $30.40 on Tuesday. ArcelorMittal has a 12-month low of $20.52 and a 12-month high of $34.90. 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 firm has a 50-day moving average price of $31.80 and a 200-day moving average price of $29.75. The firm has a market capitalization of $24.90 billion, a PE ratio of 9.38, a price-to-earnings-growth ratio of 0.13 and a beta of 1.65.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.33 by ($0.01). The business 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 was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 EPS. As a group, equities research analysts forecast that ArcelorMittal will post 3.72 EPS for the current year.

ArcelorMittal Cuts Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were paid a $0.2338 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a yield of 144.0%. ArcelorMittal's dividend payout ratio is 14.51%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MT. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of ArcelorMittal in a research note on Monday, April 14th. The Goldman Sachs Group upgraded ArcelorMittal from a "neutral" rating to a "buy" rating and lifted their target price for the company from $29.00 to $31.70 in a research report on Thursday, April 10th. Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Barclays cut ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $32.95.

ArcelorMittal Profile

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.

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