Jones Financial Companies Lllp Purchases 35,696 Shares of 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 raised its stake in shares of ArcelorMittal (NYSE:MT - Free Report) by 32,748.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 35,805 shares of the basic materials company's stock after purchasing an additional 35,696 shares during the period. Jones Financial Companies Lllp's holdings in ArcelorMittal were worth $1,033,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. SVB Wealth LLC bought a new stake in ArcelorMittal during the first quarter valued at about $43,000. Hexagon Capital Partners LLC grew its holdings in ArcelorMittal by 25.4% during the first 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 period. GAMMA Investing LLC grew its holdings in ArcelorMittal by 31.1% during the first 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 period. Bayforest Capital Ltd grew its holdings in ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock valued at $62,000 after purchasing an additional 440 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in ArcelorMittal by 76.2% during the fourth 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 period. Institutional investors own 9.29% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on MT shares. Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Wall Street Zen raised ArcelorMittal from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Finally, Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $33.45.

ArcelorMittal Price Performance

ArcelorMittal stock traded up $0.39 during midday trading on Thursday, reaching $34.79. 995,094 shares of the stock traded hands, compared to its average volume of 1,191,499. The stock's fifty day moving average is $33.42 and its 200-day moving average is $31.28. ArcelorMittal has a 12 month low of $21.59 and a 12 month high of $35.13. The stock has a market cap of $28.50 billion, a P/E ratio of 10.74, a PEG ratio of 0.15 and a beta of 1.64. The company has a quick ratio of 0.59, a current ratio of 1.40 and a debt-to-equity ratio of 0.19.

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

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.