Dauntless Investment Group LLC Lowers Stake in ArcelorMittal (NYSE:MT)

Key Points

• Dauntless Investment Group LLC reduced its stake in ArcelorMittal by 75%, holding 7,071 shares after selling 21,235 shares in the first quarter of 2023.
• ArcelorMittal reported $1.04 earnings per share (EPS), surpassing analysts' expectations of $0.71, despite a 9.1% year-over-year revenue decline.
• Several analysts have issued mixed ratings on ArcelorMittal, with Goldman Sachs upgrading its rating from "neutral" to "buy," while Barclays downgraded to "equal weight."

Dauntless Investment Group LLC lowered its stake in shares of ArcelorMittal (NYSE:MT - Free Report) by 75.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,071 shares of the basic materials company's stock after selling 21,235 shares during the period. Dauntless Investment Group LLC's holdings in ArcelorMittal were worth $204,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Hexagon Capital Partners LLC boosted 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 valued at $51,000 after acquiring an additional 360 shares in the last quarter. GAMMA Investing LLC boosted its stake in ArcelorMittal by 31.1% in the first quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after acquiring an additional 456 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in ArcelorMittal by 76.2% in the fourth quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company's stock valued at $113,000 after acquiring an additional 2,110 shares in the last quarter. Vise Technologies Inc. acquired a new stake in ArcelorMittal in the fourth quarter valued at approximately $217,000. Finally, Tower Research Capital LLC TRC boosted its stake in ArcelorMittal by 94.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,408 shares of the basic materials company's stock valued at $218,000 after acquiring an additional 4,567 shares in the last quarter. Hedge funds and other institutional investors own 9.29% of the company's stock.

ArcelorMittal Trading Down 1.6%

NYSE MT opened at $33.11 on Tuesday. The company has a fifty day simple moving average of $31.69 and a two-hundred day simple moving average of $29.44. The stock has a market cap of $27.13 billion, a P/E ratio of 21.64, a P/E/G ratio of 0.15 and a beta of 1.63. ArcelorMittal has a 12-month low of $20.52 and a 12-month high of $34.90. The company has a current ratio of 1.35, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.33. ArcelorMittal had a net margin of 1.98% and a return on equity of 4.11%. The business had revenue of $14.80 billion during the quarter, compared to analysts' expectations of $15.11 billion. During the same quarter last year, the company posted $1.16 earnings per share. The business's quarterly revenue was down 9.1% on a year-over-year basis. On average, analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Cuts Dividend

The firm also recently announced a dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were issued a dividend of $0.2338 per share. The ex-dividend date was Friday, May 16th. This represents a dividend yield of 1.44%. ArcelorMittal's dividend payout ratio (DPR) is presently 30.72%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group upgraded shares of ArcelorMittal from a "neutral" rating to a "buy" rating and raised their target price for the company from $29.00 to $31.70 in a research note on Thursday, April 10th. Barclays downgraded shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Wall Street Zen downgraded shares of ArcelorMittal from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of ArcelorMittal in a research note on Monday, April 14th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $32.95.

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.

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