Auto Owners Insurance Co Invests $3.94 Million in ArcelorMittal (NYSE:MT)

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

A number of other institutional investors have also made changes to their positions in MT. Gallacher Capital Management LLC grew its stake in shares of ArcelorMittal by 8.2% in the first quarter. Gallacher Capital Management LLC now owns 12,287 shares of the basic materials company's stock valued at $354,000 after acquiring an additional 932 shares in the last quarter. New York State Common Retirement Fund bought a new position in ArcelorMittal in the 1st quarter valued at approximately $1,647,000. Callan Capital LLC raised its holdings in ArcelorMittal by 16.0% in the 1st quarter. Callan Capital LLC now owns 36,607 shares of the basic materials company's stock valued at $1,056,000 after buying an additional 5,052 shares during the last quarter. Hexagon Capital Partners LLC raised its holdings in ArcelorMittal by 25.4% during the 1st 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 during the last quarter. Finally, CWA Asset Management Group LLC acquired a new stake in ArcelorMittal in the 1st quarter valued at $863,000. Institutional investors own 9.29% of the company's stock.

Analysts Set New Price Targets

MT has been the subject of several research reports. Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Jefferies Financial Group lowered ArcelorMittal from a "buy" rating to a "hold" rating and set a $36.20 price objective for the company. in a research note on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of ArcelorMittal in a research note on Monday, April 14th. Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, The Goldman Sachs Group upgraded ArcelorMittal from a "neutral" rating to a "buy" rating and upped their target price for the company from $29.00 to $31.70 in a report on Thursday, April 10th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, ArcelorMittal presently has an average rating of "Hold" and a consensus target price of $32.95.

ArcelorMittal Price Performance

MT stock opened at $34.23 on Wednesday. ArcelorMittal has a 52-week low of $20.52 and a 52-week high of $34.90. The business has a fifty day moving average of $31.37 and a two-hundred day moving average of $28.95. The stock has a market cap of $28.04 billion, a price-to-earnings ratio of 22.37, a price-to-earnings-growth ratio of 0.15 and a beta of 1.63. The company has a quick ratio of 0.58, a current ratio of 1.35 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.71 by $0.33. ArcelorMittal had a return on equity of 4.11% and a net margin of 1.98%. The business had revenue of $14.80 billion for the quarter, compared to analyst estimates of $15.11 billion. During the same quarter in the previous year, the company earned $1.16 EPS. The company's quarterly revenue was down 9.1% on a year-over-year basis. As a group, research analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Cuts Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, June 11th. Shareholders of record on Monday, May 19th were given a $0.2338 dividend. The ex-dividend date was Friday, May 16th. This represents a yield of 1.44%. ArcelorMittal's payout ratio is currently 30.72%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.