Envestnet Asset Management Inc. Sells 73,032 Shares of ArcelorMittal (NYSE:MT)

Envestnet Asset Management Inc. decreased its holdings in shares of ArcelorMittal (NYSE:MT - Free Report) by 20.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 275,787 shares of the basic materials company's stock after selling 73,032 shares during the period. Envestnet Asset Management Inc.'s holdings in ArcelorMittal were worth $7,956,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hexagon Capital Partners LLC raised its position in ArcelorMittal by 25.4% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock valued at $51,000 after purchasing an additional 360 shares during the last quarter. GAMMA Investing LLC raised its position in ArcelorMittal by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 456 shares during the last quarter. BNP Paribas Financial Markets raised its position in ArcelorMittal by 76.2% during the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company's stock valued at $113,000 after purchasing an additional 2,110 shares during the last quarter. Versant Capital Management Inc bought a new position in ArcelorMittal during the 1st quarter valued at approximately $219,000. Finally, PNC Financial Services Group Inc. raised its position in ArcelorMittal by 23.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company's stock valued at $210,000 after purchasing an additional 1,702 shares during the last quarter. Institutional investors own 9.29% of the company's stock.

ArcelorMittal Stock Up 0.1%

MT stock traded up $0.04 on Friday, reaching $33.63. 221,661 shares of the company traded hands, compared to its average volume of 2,011,173. ArcelorMittal has a one year low of $20.52 and a one year high of $34.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.35 and a quick ratio of 0.58. The company has a market cap of $27.55 billion, a P/E ratio of 21.99, a price-to-earnings-growth ratio of 0.15 and a beta of 1.63. The firm has a fifty day simple moving average of $31.59 and a 200-day simple moving average of $29.18.

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

ArcelorMittal Cuts Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MT shares. Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group raised ArcelorMittal from a "neutral" rating to a "buy" rating and increased their target price for the stock from $29.00 to $31.70 in a research report on Thursday, April 10th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of ArcelorMittal in a research report on Monday, April 14th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $32.95.

About ArcelorMittal

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.