Connor Clark & Lunn Investment Management Ltd. Increases Stake in ArcelorMittal (NYSE:MT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. raised its holdings in ArcelorMittal by 22.0%, acquiring an additional 337,158 shares in the first quarter, bringing its total stake to approximately 1,872,477 shares.
• ArcelorMittal's recent earnings report showed a miss in EPS expectations, with a reported $1.32 per share compared to analysts' consensus of $1.33, despite revenue of $15.93 billion exceeding estimates.
• The company also cut its dividend, announcing a payment of $0.2338 per share, representing a dividend yield of 144.0%, following a 2.0% revenue decline year-over-year.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in ArcelorMittal (NYSE:MT - Free Report) by 22.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,872,477 shares of the basic materials company's stock after purchasing an additional 337,158 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.23% of ArcelorMittal worth $54,021,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its stake in ArcelorMittal by 25.4% in the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock worth $51,000 after acquiring an additional 360 shares during the last quarter. 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 worth $55,000 after buying an additional 456 shares during the last quarter. Bayforest Capital Ltd lifted its position in shares of ArcelorMittal by 23.7% during the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock worth $62,000 after buying an additional 440 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of ArcelorMittal by 76.2% during the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company's stock worth $113,000 after buying an additional 2,110 shares during the last quarter. Finally, Versant Capital Management Inc purchased a new stake in shares of ArcelorMittal during the 1st quarter worth approximately $219,000. Hedge funds and other institutional investors own 9.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MT shares. Barclays downgraded shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of ArcelorMittal in a research report on Monday, April 14th. Finally, Wall Street Zen downgraded shares of ArcelorMittal from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, ArcelorMittal has an average rating of "Hold" and an average price target of $32.95.

ArcelorMittal Stock Performance

Shares of ArcelorMittal stock traded up $0.34 during trading on Tuesday, reaching $33.36. The company's stock had a trading volume of 1,285,206 shares, compared to its average volume of 2,037,276. The company has a 50-day moving average price of $31.96 and a two-hundred day moving average price of $30.05. The firm has a market cap of $27.33 billion, a PE ratio of 10.30, a P/E/G ratio of 0.15 and a beta of 1.65. ArcelorMittal has a fifty-two week low of $21.45 and a fifty-two week high of $34.90. 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 (NYSE:MT - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $1.32 EPS for the quarter, missing analysts' consensus estimates of $1.33 by ($0.01). The business 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 earnings per share. On average, analysts forecast that ArcelorMittal will post 3.72 EPS for the current year.

ArcelorMittal Cuts Dividend

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