Causeway Capital Management LLC Sells 363,109 Shares of ArcelorMittal $MT

Key Points

• Causeway Capital Management LLC reduced its stake in ArcelorMittal by 34% in the first quarter, now holding 704,291 shares valued at approximately $20.32 million.
• Institutional investors collectively own 9.29% of ArcelorMittal's stock, with various firms adjusting their positions during the fourth quarter.
• ArcelorMittal's latest earnings report showed $1.32 EPS, slightly missing estimates and reflecting a 2% revenue decline year-over-year.

Causeway Capital Management LLC cut its holdings in ArcelorMittal (NYSE:MT - Free Report) by 34.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 704,291 shares of the basic materials company's stock after selling 363,109 shares during the period. Causeway Capital Management LLC owned approximately 0.09% of ArcelorMittal worth $20,319,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in shares of ArcelorMittal by 3.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,029,028 shares of the basic materials company's stock valued at $70,061,000 after acquiring an additional 91,363 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of ArcelorMittal by 22.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock valued at $54,021,000 after purchasing an additional 337,158 shares in the last quarter. Northern Trust Corp boosted its stake in shares of ArcelorMittal by 31.7% in the 4th quarter. Northern Trust Corp now owns 1,153,924 shares of the basic materials company's stock valued at $26,690,000 after purchasing an additional 277,891 shares in the last quarter. Bank of America Corp DE raised its holdings in ArcelorMittal by 56.7% in the 4th quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company's stock valued at $18,140,000 after buying an additional 283,758 shares during the last quarter. Finally, ABC Arbitrage SA raised its holdings in ArcelorMittal by 31.0% in the 1st quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company's stock valued at $16,165,000 after buying an additional 132,535 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Trading Up 0.6%

Shares of NYSE:MT traded up $0.22 during mid-day trading on Friday, hitting $33.37. The company had a trading volume of 892,606 shares, compared to its average volume of 1,810,698. The firm has a fifty day moving average price of $32.87 and a 200 day moving average price of $30.75. The company has a market capitalization of $27.33 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of 0.15 and a beta of 1.65. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. ArcelorMittal has a one year low of $21.59 and a one year high of $35.13.

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

Analyst Upgrades and Downgrades

MT has been the subject of a number of research reports. Wells Fargo & Company upgraded shares of ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Barclays lowered shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Finally, Wall Street Zen lowered shares of ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $33.45.

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.