Jones Financial Companies Lllp Raises Position in ArcelorMittal $MT

Key Points

• Jones Financial Companies Lllp increased its stake in ArcelorMittal by a staggering 32,748.6% in Q1, purchasing an additional 35,696 shares, bringing their total to 35,805 shares valued at over $1 million.
• Other institutional investors, such as Connor Clark & Lunn Investment Management and Bank of America Corp DE, also raised their stakes in ArcelorMittal during the same period, showcasing growing institutional interest in the company.
• ArcelorMittal's stock currently holds a consensus rating of "Hold" with a target price of $33.45, following various analysts' upgrades and downgrades, indicating mixed sentiments about its future performance.

Jones Financial Companies Lllp boosted its stake in ArcelorMittal (NYSE:MT - Free Report) by 32,748.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,805 shares of the basic materials company's stock after buying an additional 35,696 shares during the quarter. Jones Financial Companies Lllp's holdings in ArcelorMittal were worth $1,033,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. lifted its stake in ArcelorMittal by 22.0% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock valued at $54,021,000 after buying an additional 337,158 shares in the last quarter. OLD Mission Capital LLC lifted its stake in 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 buying an additional 136,443 shares in the last quarter. Bank of America Corp DE lifted its stake in ArcelorMittal by 56.7% in 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 buying an additional 283,758 shares in the last quarter. ABC Arbitrage SA lifted its stake in ArcelorMittal by 31.0% in the 1st quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company's stock valued at $16,165,000 after buying an additional 132,535 shares in the last quarter. Finally, Telemark Asset Management LLC purchased a new position in ArcelorMittal in the 1st quarter valued at about $11,540,000. 9.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MT has been the topic of a number of research reports. Wells Fargo & Company raised shares of ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Barclays lowered shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wall Street Zen raised shares of ArcelorMittal from a "hold" rating to a "buy" rating in a research note on Saturday. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $33.45.

ArcelorMittal Stock Down 0.9%

MT stock opened at $34.75 on Friday. The firm has a market cap of $28.47 billion, a PE ratio of 10.73, a PEG ratio of 0.16 and a beta of 1.64. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. The firm's 50 day moving average price is $33.30 and its 200-day moving average price is $31.12. ArcelorMittal has a one year low of $21.59 and a one year high of $35.13.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.32 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.01). The firm had revenue of $15.93 billion for the quarter, compared to analysts' expectations of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm's quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 EPS. On average, equities research analysts anticipate that ArcelorMittal will post 3.72 EPS for the current year.

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.

Want to see what other hedge funds are holding MT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ArcelorMittal (NYSE:MT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.