Engineers Gate Manager LP Buys 25,551 Shares of ArcelorMittal $MT

Key Points

• Engineers Gate Manager LP more than doubled its ArcelorMittal stake in the second quarter, purchasing 25,551 additional shares to own 47,151 shares valued at approximately $2.84 million.
• Several other institutional investors increased their positions, though institutional ownership remains relatively limited at 9.29% of outstanding shares.
• ArcelorMittal’s latest quarterly results fell short of expectations, with EPS of $0.90 versus the $1.18 consensus and revenue of $16.76 billion versus $17.56 billion expected. Analysts maintain a consensus “Hold” rating and a $74.80 price target.

Engineers Gate Manager LP lifted its stake in ArcelorMittal (NYSE:MT - Free Report) by 118.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,151 shares of the basic materials company's stock after buying an additional 25,551 shares during the quarter. Engineers Gate Manager LP's holdings in ArcelorMittal were worth $2,839,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC grew its stake in ArcelorMittal by 75.0% during the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company's stock valued at $982,000 after acquiring an additional 14,593 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock valued at $47,000 after purchasing an additional 501 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of ArcelorMittal during the 2nd quarter valued at about $232,000. Russell Investments Group Ltd. grew its position in shares of ArcelorMittal by 9.4% during the second quarter. Russell Investments Group Ltd. now owns 37,029 shares of the basic materials company's stock valued at $1,169,000 after purchasing an additional 3,171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of ArcelorMittal by 268.6% during the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company's stock valued at $76,000 after purchasing an additional 1,765 shares in the last quarter. Institutional investors own 9.29% of the company's stock.

ArcelorMittal Stock Performance

NYSE:MT opened at $74.53 on Monday. The firm has a market capitalization of $57.76 billion, a PE ratio of 31.58, a PEG ratio of 0.52 and a beta of 1.55. The stock's fifty day moving average is $71.11 and its 200 day moving average is $64.35. ArcelorMittal has a fifty-two week low of $34.15 and a fifty-two week high of $79.68. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The firm had revenue of $16.76 billion for the quarter, compared to analysts' expectations of $17.56 billion. During the same period in the previous year, the firm earned $1.32 earnings per share. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts anticipate that ArcelorMittal will post 4.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

MT has been the topic of a number of research analyst reports. Weiss Ratings upgraded ArcelorMittal from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of ArcelorMittal in a report on Friday, September 4th. Morgan Stanley assumed coverage on ArcelorMittal in a research note on Monday, August 24th. They issued an "overweight" rating and a $82.00 price objective on the stock. Wells Fargo & Company upped their price objective on ArcelorMittal from $62.00 to $69.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. upgraded ArcelorMittal from an "underweight" rating to a "neutral" rating in a research report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, ArcelorMittal has an average rating of "Hold" and a consensus price target of $74.80.

ArcelorMittal Company Profile

ArcelorMittal SA is a global steel and mining company with operations spanning the Americas, Europe and Africa. The company produces and sells steel products for industries including automotive, construction, infrastructure, energy, packaging and general manufacturing.

Its portfolio includes flat steel, long steel, tubular products and tailored solutions designed for specific industrial applications. ArcelorMittal also operates iron ore mining and processing activities, which supply raw materials for its steelmaking operations and support its vertically integrated business model.

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

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