Bank of America Corp DE Reduces Position in ArcelorMittal $MT

Key Points

• Bank of America reduced its ArcelorMittal position by 20.3% in the first quarter, selling 171,254 shares and retaining 670,631 shares valued at approximately $34.9 million.
• ArcelorMittal shares opened at $73.76, near their 52-week high of $75.66, while institutional investors and hedge funds collectively own 9.29% of the stock.
• The company missed quarterly earnings and revenue expectations, reporting $0.90 EPS versus $1.18 expected and $16.76 billion in revenue versus $17.56 billion forecast. Analysts nevertheless maintain a “Moderate Buy” consensus with a $72.40 price target.

Bank of America Corp DE trimmed its holdings in ArcelorMittal (NYSE:MT - Free Report) by 20.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 670,631 shares of the basic materials company's stock after selling 171,254 shares during the quarter. Bank of America Corp DE owned about 0.09% of ArcelorMittal worth $34,859,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of ArcelorMittal in the 4th quarter worth $44,000. Geneos Wealth Management Inc. grew its holdings in shares of ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock valued at $47,000 after purchasing an additional 501 shares during the period. Allworth Financial LP increased its position in ArcelorMittal by 91.5% during the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company's stock worth $51,000 after purchasing an additional 538 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in ArcelorMittal by 126.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company's stock worth $52,000 after purchasing an additional 640 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in ArcelorMittal by 268.6% during the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company's stock worth $76,000 after purchasing an additional 1,765 shares during the period. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Price Performance

Shares of NYSE MT opened at $73.76 on Friday. The stock's 50-day moving average is $66.90 and its two-hundred day moving average is $62.30. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57. ArcelorMittal has a 1-year low of $31.93 and a 1-year high of $75.66. The company has a market cap of $57.16 billion, a price-to-earnings ratio of 31.25, a price-to-earnings-growth ratio of 0.55 and a beta of 1.53.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.28). ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The company had revenue of $16.76 billion during the quarter, compared to analysts' expectations of $17.56 billion. During the same quarter in the previous year, the business posted $1.32 EPS. The business's quarterly revenue was up 5.2% compared to the same quarter last year. Analysts forecast that ArcelorMittal will post 4.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MT has been the topic of several recent analyst reports. Morgan Stanley reiterated an "overweight" rating on shares of ArcelorMittal in a report on Wednesday, August 5th. Wells Fargo & Company lifted their price target on shares of ArcelorMittal from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Friday, July 31st. Citigroup reaffirmed a "buy" rating on shares of ArcelorMittal in a research report on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b-)" rating on shares of ArcelorMittal in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. raised ArcelorMittal from an "underweight" rating to a "neutral" rating in a research note on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, ArcelorMittal currently has an average rating of "Moderate Buy" and a consensus price target of $72.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source