Contravisory Investment Management Inc. Takes Position in ArcelorMittal $MT

Key Points

• Contravisory Investment Management Inc. has acquired a new stake in ArcelorMittal, purchasing 8,564 shares worth approximately $270,000 in the second quarter.
• ArcelorMittal reported an EPS of $1.32 for its last quarter, missing expectations by one cent, and showed a revenue decrease of 2.0% year-over-year.
• Analysts have mixed ratings on the stock, with the average rating being "Hold" and a price target of $33.45.

Contravisory Investment Management Inc. bought a new position in shares of ArcelorMittal (NYSE:MT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,564 shares of the basic materials company's stock, valued at approximately $270,000.

A number of other institutional investors have also made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. grew its holdings in ArcelorMittal by 22.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock worth $54,021,000 after acquiring an additional 337,158 shares during the last quarter. OLD Mission Capital LLC lifted its position in shares of ArcelorMittal by 20.1% during the first quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company's stock worth $23,507,000 after purchasing an additional 136,443 shares in the last quarter. ABC Arbitrage SA increased its holdings in shares of ArcelorMittal by 31.0% in the first quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company's stock valued at $16,165,000 after purchasing an additional 132,535 shares in the last quarter. Telemark Asset Management LLC acquired a new stake in shares of ArcelorMittal in the first quarter valued at approximately $11,540,000. Finally, American Century Companies Inc. raised its position in ArcelorMittal by 0.5% in the 1st quarter. American Century Companies Inc. now owns 282,224 shares of the basic materials company's stock worth $8,142,000 after purchasing an additional 1,386 shares during the last quarter. 9.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MT shares. Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Barclays downgraded shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Wall Street Zen upgraded shares of ArcelorMittal from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, ArcelorMittal has a consensus rating of "Hold" and a consensus target price of $33.45.

ArcelorMittal Trading Up 1.5%

Shares of NYSE:MT traded up $0.52 during mid-day trading on Friday, reaching $35.29. The stock had a trading volume of 980,798 shares, compared to its average volume of 1,171,352. The firm has a 50 day simple moving average of $33.44 and a two-hundred day simple moving average of $31.32. ArcelorMittal has a twelve month low of $21.59 and a twelve month high of $35.56. The firm has a market cap of $28.91 billion, a PE ratio of 10.89, a price-to-earnings-growth ratio of 0.15 and a beta of 1.64. 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 issued its earnings results on Thursday, July 31st. The basic materials company reported $1.32 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.01). The firm had revenue of $15.93 billion during the quarter, compared to the consensus estimate of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm's revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 EPS. On average, research analysts predict that ArcelorMittal will post 3.72 EPS for the current fiscal year.

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.