Diversify Advisory Services LLC Makes New Investment in ArcelorMittal $MT

Key Points

• Diversify Advisory Services LLC initiated a position in ArcelorMittal during the third quarter, purchasing 23,632 shares valued at approximately $1.5 million. Institutional investors collectively own 9.29% of the company.
• ArcelorMittal’s shares opened at $59.45, below their 50-day and 200-day moving averages. The company’s latest quarterly results missed analyst expectations, with earnings per share of $0.90 versus the $1.18 consensus and revenue of $16.76 billion.
• Analyst sentiment remains positive overall, with eight Buy ratings and seven Holds. The stock has a “Moderate Buy” consensus rating and an average price target of $74.55.

Diversify Advisory Services LLC acquired a new position in shares of ArcelorMittal (NYSE:MT - Free Report) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 23,632 shares of the basic materials company's stock, valued at approximately $1,503,000.

Several other institutional investors and hedge funds have also modified their holdings of MT. Integrated Wealth Concepts LLC purchased a new stake in ArcelorMittal in the 2nd quarter valued at about $35,000. Moody National Bank Trust Division acquired a new position in shares of ArcelorMittal during the 2nd quarter valued at $205,000. HB Wealth Management LLC purchased a new stake in shares of ArcelorMittal in the second quarter worth about $228,000. Allspring Global Investments Holdings LLC purchased a new position in ArcelorMittal in the 1st quarter worth approximately $207,000. Finally, Farther Finance Advisors LLC grew its stake in shares of ArcelorMittal by 10.6% during the third quarter. Farther Finance Advisors LLC now owns 3,949 shares of the basic materials company's stock valued at $264,000 after acquiring an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 9.29% of the company's stock.

ArcelorMittal Stock Down 1.2%

Shares of ArcelorMittal stock opened at $59.45 on Friday. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The business's 50 day simple moving average is $69.92 and its 200-day simple moving average is $66.68. The stock has a market capitalization of $46.07 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 0.56 and a beta of 1.54. ArcelorMittal has a twelve month low of $36.70 and a twelve month high of $79.68.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.28). ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The company had revenue of $16.76 billion for the quarter, compared to analyst estimates of $17.56 billion. During the same quarter in the prior year, the firm earned $1.32 EPS. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Equities research analysts forecast that ArcelorMittal will post 3.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft set a $79.00 price target on shares of ArcelorMittal and gave the stock a "buy" rating in a research report on Monday, October 5th. Wells Fargo & Company cut their price target on shares of ArcelorMittal from $69.00 to $64.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 6th. Jefferies Financial Group reaffirmed a "buy" rating on shares of ArcelorMittal in a research report on Wednesday, September 23rd. Citigroup reissued a "buy" rating on shares of ArcelorMittal in a report on Tuesday, August 4th. Finally, Barclays restated a "neutral" rating on shares of ArcelorMittal in a research note on Tuesday, July 7th. Eight equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, ArcelorMittal currently has an average rating of "Moderate Buy" and an average price target of $74.55.

ArcelorMittal Company Profile

ArcelorMittal SA NYSE: MT is one of the world's largest integrated steel and mining companies. The company produces steel products for the automotive, construction, appliance, energy, engineering and packaging industries, serving customers through a combination of primary steelmaking, finishing and distribution operations.

Its product portfolio includes flat steel, long steel, tubular products, bars, wire rod and specialized automotive steels. ArcelorMittal also operates iron ore mining and pelletizing activities that support its steel production and supply chain.

The company was formed in 2006 through the merger of Arcelor and Mittal Steel.

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