Cubist Systematic Strategies LLC Takes Position in ArcelorMittal $MT

Key Points

• Cubist Systematic Strategies LLC acquired 182,411 shares of ArcelorMittal during the first quarter, valued at approximately $5.26 million, as reported in their Form 13F filing with the SEC.
• ArcelorMittal's stock has been rated as a "Hold" by several research firms; currently, three analysts rate it as a Buy, whereas five have given a Hold rating, with a consensus target price of $33.45.
• The company reported a quarterly earnings per share (EPS) of $1.32, missing the analysts' expectations, with a revenue of $15.93 billion, reflecting a 2.0% year-over-year decline.

Cubist Systematic Strategies LLC bought a new stake in shares of ArcelorMittal (NYSE:MT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 182,411 shares of the basic materials company's stock, valued at approximately $5,263,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MT. Connor Clark & Lunn Investment Management Ltd. raised its holdings in ArcelorMittal by 22.0% in the first 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 buying an additional 337,158 shares during the last quarter. Northern Trust Corp boosted its holdings 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 buying an additional 277,891 shares in the last quarter. OLD Mission Capital LLC raised its position in shares of ArcelorMittal by 20.1% in the 1st quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company's stock valued at $23,507,000 after purchasing an additional 136,443 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of ArcelorMittal by 56.7% during 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 purchasing an additional 283,758 shares in the last quarter. Finally, ABC Arbitrage SA boosted its stake in ArcelorMittal by 31.0% during the 1st quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company's stock worth $16,165,000 after purchasing an additional 132,535 shares during the last quarter. Institutional investors own 9.29% of the company's stock.

ArcelorMittal Stock Down 0.8%

ArcelorMittal stock traded down $0.29 during midday trading on Tuesday, reaching $33.92. The stock had a trading volume of 528,262 shares, compared to its average volume of 1,974,847. ArcelorMittal has a 12 month low of $21.59 and a 12 month high of $35.13. The company has a fifty day moving average price of $33.13 and a two-hundred day moving average price of $30.98. The company has a market capitalization of $27.79 billion, a P/E ratio of 10.47, a PEG 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 quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.32 earnings per share (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 analysts' expectations of $15.48 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The company's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. As a group, equities analysts expect that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on MT. Barclays downgraded ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Three 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 company has a consensus rating of "Hold" and a consensus 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.