Bank of New York Mellon Corp Trims Stock Position in ArcelorMittal (NYSE:MT)

Bank of New York Mellon Corp lessened its position in shares of ArcelorMittal (NYSE:MT - Free Report) by 29.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,404,023 shares of the basic materials company's stock after selling 999,025 shares during the quarter. Bank of New York Mellon Corp owned about 0.29% of ArcelorMittal worth $69,356,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MT. GAMMA Investing LLC increased its holdings in ArcelorMittal by 31.1% in the 1st quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 456 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in ArcelorMittal by 76.2% in the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company's stock valued at $113,000 after purchasing an additional 2,110 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in ArcelorMittal by 23.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company's stock valued at $210,000 after purchasing an additional 1,702 shares during the last quarter. Vise Technologies Inc. acquired a new stake in ArcelorMittal in the 4th quarter valued at approximately $217,000. Finally, Tower Research Capital LLC TRC increased its holdings in ArcelorMittal by 94.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 9,408 shares of the basic materials company's stock valued at $218,000 after purchasing an additional 4,567 shares during the last quarter. Hedge funds and other institutional investors own 9.29% of the company's stock.

ArcelorMittal Stock Up 0.1%

Shares of MT stock traded up $0.05 on Friday, reaching $34.46. 1,022,745 shares of the stock were exchanged, compared to its average volume of 1,834,683. The company has a current ratio of 1.35, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16. The business's 50 day moving average price is $31.08 and its 200 day moving average price is $28.52. The company has a market capitalization of $28.23 billion, a price-to-earnings ratio of 22.52, a PEG ratio of 0.15 and a beta of 1.63. ArcelorMittal has a twelve month low of $20.52 and a twelve month high of $34.90.

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

ArcelorMittal Cuts Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MT. Jefferies Financial Group downgraded shares of ArcelorMittal from a "buy" rating to a "hold" rating and set a $36.20 target price for the company. in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of ArcelorMittal in a report on Monday, April 14th. The Goldman Sachs Group upgraded shares of ArcelorMittal from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $29.00 to $31.70 in a research note on Thursday, April 10th. Finally, Wall Street Zen upgraded shares of ArcelorMittal from a "hold" rating to a "buy" rating in a research note on Saturday. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, ArcelorMittal has an average rating of "Moderate Buy" and a consensus price target of $32.95.

ArcelorMittal Company 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.