Caitong International Asset Management Co. Ltd Purchases New Shares in ArcelorMittal (NYSE:MT)

Key Points

• Caitong International Asset Management Co. Ltd acquired 8,086 shares of ArcelorMittal for approximately $233,000 in the first quarter, indicating growing investor interest in the company.
• Recent analyses show a shift in ratings for ArcelorMittal from brokerages, with Barclays downgrading the stock from "overweight" to "equal weight" and overall ratings leaning towards "hold".
• In its latest earnings report, ArcelorMittal missed estimates with $1.32 earnings per share, despite revenue beating expectations at $15.93 billion, reflecting a 2.0% decline year-over-year.

Caitong International Asset Management Co. Ltd purchased a new stake in shares of ArcelorMittal (NYSE:MT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 8,086 shares of the basic materials company's stock, valued at approximately $233,000.

Other large investors have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its position in shares of ArcelorMittal by 25.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock worth $51,000 after buying an additional 360 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in ArcelorMittal by 4.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,438 shares of the basic materials company's stock valued at $272,000 after purchasing an additional 362 shares during the last quarter. US Bancorp DE lifted its position in ArcelorMittal by 2.7% in the 1st quarter. US Bancorp DE now owns 15,496 shares of the basic materials company's stock valued at $447,000 after purchasing an additional 411 shares during the last quarter. Bayforest Capital Ltd lifted its position in ArcelorMittal by 23.7% in the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock valued at $62,000 after purchasing an additional 440 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position 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. 9.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MT. Barclays cut shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Wall Street Zen cut shares of ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $32.95.

ArcelorMittal Stock Performance

ArcelorMittal stock opened at $33.36 on Wednesday. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 1 year low of $21.45 and a 1 year high of $34.90. The company has a market cap of $27.33 billion, a PE ratio of 10.30, a PEG ratio of 0.15 and a beta of 1.65. The company's 50-day moving average is $32.03 and its two-hundred day moving average is $30.07.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.01). The firm had revenue of $15.93 billion during the quarter, compared to analyst estimates of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The business's revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.63 earnings per share. Equities analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Cuts Dividend

The business also recently disclosed a dividend, which was paid on Wednesday, June 11th. Shareholders of record on Monday, May 19th were given a dividend of $0.2338 per share. This represents a yield of 144.0%. The ex-dividend date of this dividend was Friday, May 16th. ArcelorMittal's payout ratio is 14.51%.

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.

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