Causeway Capital Management LLC Trims Stake in ArcelorMittal $MT

Key Points

• Causeway Capital cut its stake by 24.4% in Q3, selling 189,871 shares and now owning 586,831 shares of ArcelorMittal (~0.07% of the company) valued at about $21.2 million.
• ArcelorMittal beat EPS estimates ($0.86 vs. $0.56) but missed revenue expectations ($14.97B vs. $15.56B); the stock opened at $55.84, has a market cap of $43.3B and a 52-week range of $23.19–$67.60.
• The company announced a quarterly dividend of $0.15 (annualized $0.60, ~1.1% yield), while analysts show a mixed view with a consensus rating of "Hold" and a $51.98 target price.

Causeway Capital Management LLC lowered its position in ArcelorMittal (NYSE:MT - Free Report) by 24.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 586,831 shares of the basic materials company's stock after selling 189,871 shares during the period. Causeway Capital Management LLC owned approximately 0.07% of ArcelorMittal worth $21,214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. State of Wyoming bought a new position in ArcelorMittal in the 3rd quarter valued at $36,000. Geneos Wealth Management Inc. increased its position in shares of ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock worth $47,000 after acquiring an additional 501 shares during the period. Farther Finance Advisors LLC increased its position in shares of ArcelorMittal by 392.1% during the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company's stock worth $63,000 after acquiring an additional 1,396 shares during the period. CWM LLC raised its stake in shares of ArcelorMittal by 23.3% during the third quarter. CWM LLC now owns 1,826 shares of the basic materials company's stock valued at $66,000 after acquiring an additional 345 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in ArcelorMittal by 268.6% in 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 in the last quarter. Hedge funds and other institutional investors own 9.29% of the company's stock.

ArcelorMittal Stock Up 0.8%

ArcelorMittal stock opened at $55.84 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 0.53. The stock has a market capitalization of $43.28 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.45 and a beta of 1.47. ArcelorMittal has a 1-year low of $23.19 and a 1-year high of $67.60. The business has a fifty day moving average price of $56.02 and a 200-day moving average price of $45.03.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.30. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The company had revenue of $14.97 billion for the quarter, compared to analyst estimates of $15.56 billion. During the same period in the prior year, the company posted $0.52 EPS. The firm's quarterly revenue was up 1.7% compared to the same quarter last year. Equities research analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

ArcelorMittal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Friday, November 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, November 13th. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. ArcelorMittal's dividend payout ratio is 12.44%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Morgan Stanley reaffirmed an "overweight" rating on shares of ArcelorMittal in a research report on Tuesday, February 17th. Santander upgraded ArcelorMittal from a "neutral" rating to an "outperform" rating in a research note on Thursday, February 5th. Wells Fargo & Company lifted their price objective on ArcelorMittal from $47.00 to $54.00 and gave the company an "equal weight" rating in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of ArcelorMittal in a research report on Friday, February 6th. Finally, UBS Group cut ArcelorMittal from a "buy" rating to a "neutral" rating in a research note on Monday, November 17th. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ArcelorMittal presently has an average rating of "Hold" and a consensus target price of $51.98.

ArcelorMittal Company 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.

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