Auto Owners Insurance Co Acquires New Position in ArcelorMittal (NYSE:MT)

Auto Owners Insurance Co bought a new stake in ArcelorMittal (NYSE:MT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 136,553 shares of the basic materials company's stock, valued at approximately $3,940,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MT. Gallacher Capital Management LLC lifted its stake in shares of ArcelorMittal by 8.2% during the first quarter. Gallacher Capital Management LLC now owns 12,287 shares of the basic materials company's stock worth $354,000 after purchasing an additional 932 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of ArcelorMittal during the first quarter worth about $1,647,000. Callan Capital LLC lifted its stake in shares of ArcelorMittal by 16.0% during the first quarter. Callan Capital LLC now owns 36,607 shares of the basic materials company's stock worth $1,056,000 after purchasing an additional 5,052 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of ArcelorMittal by 25.4% during the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock worth $51,000 after purchasing an additional 360 shares in the last quarter. Finally, CWA Asset Management Group LLC acquired a new position in shares of ArcelorMittal during the first quarter worth about $863,000. Institutional investors and hedge funds own 9.29% of the company's stock.

ArcelorMittal Stock Up 0.2%

Shares of NYSE MT traded up $0.07 during midday trading on Friday, reaching $33.66. 1,644,911 shares of the company's stock were exchanged, compared to its average volume of 1,378,382. ArcelorMittal has a 52-week low of $20.52 and a 52-week high of $34.90. The stock has a market capitalization of $27.57 billion, a PE ratio of 22.00, a price-to-earnings-growth ratio of 0.15 and a beta of 1.63. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.58 and a current ratio of 1.35. The business's fifty day moving average price is $31.65 and its two-hundred day moving average price is $29.26.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.33. The firm had revenue of $14.80 billion during the quarter, compared to analyst estimates of $15.11 billion. ArcelorMittal had a return on equity of 4.11% and a net margin of 1.98%. ArcelorMittal's quarterly revenue was down 9.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.16 earnings per share. 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 issued a $0.2338 dividend. This represents a yield of 1.44%. The ex-dividend date of this dividend was Friday, May 16th. ArcelorMittal's dividend payout ratio is currently 30.72%.

Wall Street Analyst Weigh In

A number of brokerages have commented on MT. Deutsche Bank Aktiengesellschaft restated 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 boosted their price objective for the stock from $29.00 to $31.70 in a research note on Thursday, April 10th. Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Barclays lowered 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 issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $32.95.

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.