Bank of New York Mellon Corp Decreases Stake in ArcelorMittal (NYSE:MT)

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

Several other large investors also recently bought and sold shares of the stock. CWA Asset Management Group LLC acquired a new stake in shares of ArcelorMittal during the first quarter worth about $863,000. QRG Capital Management Inc. lifted its position in shares of ArcelorMittal by 10.1% during the 1st quarter. QRG Capital Management Inc. now owns 64,380 shares of the basic materials company's stock valued at $1,857,000 after acquiring an additional 5,920 shares during the period. GAMMA Investing LLC lifted its position in shares of ArcelorMittal by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after acquiring an additional 456 shares during the period. Versant Capital Management Inc acquired a new stake in shares of ArcelorMittal during the 1st quarter valued at approximately $219,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of ArcelorMittal by 5.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 25,690 shares of the basic materials company's stock valued at $594,000 after acquiring an additional 1,224 shares during the period. Institutional investors and hedge funds own 9.29% of the company's stock.

ArcelorMittal Trading Down 2.1%

MT stock traded down $0.70 during midday trading on Tuesday, hitting $33.17. The stock had a trading volume of 1,150,106 shares, compared to its average volume of 1,831,131. The firm has a market cap of $27.17 billion, a PE ratio of 21.68, 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 current ratio of 1.35 and a quick ratio of 0.58. ArcelorMittal has a 12-month low of $20.52 and a 12-month high of $34.90. The company's 50-day moving average price is $31.15 and its 200 day moving average price is $28.67.

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 (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.33. The company had revenue of $14.80 billion during the quarter, compared to analysts' expectations of $15.11 billion. ArcelorMittal had a net margin of 1.98% and a return on equity of 4.11%. The business's quarterly revenue was down 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 EPS. On average, equities research analysts predict that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

ArcelorMittal Cuts Dividend

The firm also recently declared a dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were given a dividend of $0.2338 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a yield of 1.44%. ArcelorMittal's dividend payout ratio (DPR) is 30.07%.

Wall Street Analyst Weigh In

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