JPMorgan Chase & Co. Has $1.43 Million Stake in ArcelorMittal $MT

Key Points

• JPMorgan Chase cut its stake in ArcelorMittal by 59.9% to 39,445 shares (worth $1.43M) in Q3 and downgraded the stock from "overweight" to "underweight."
• Analysts are mixed—six Buy, six Hold and one Sell—resulting in an average rating of "Hold" and an average target price of $51.98.
• ArcelorMittal shares are up about 11.6%, trade near $60 with a market cap of $46.5B and a PE of 14.6; the company reported $0.86 EPS for the quarter (beating estimates) and declared a $0.15 quarterly dividend (1.0% yield).

JPMorgan Chase & Co. decreased its holdings in ArcelorMittal (NYSE:MT - Free Report) by 59.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,445 shares of the basic materials company's stock after selling 58,972 shares during the quarter. JPMorgan Chase & Co.'s holdings in ArcelorMittal were worth $1,426,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MT. Maple Rock Capital Partners Inc. bought a new stake in shares of ArcelorMittal during the 3rd quarter valued at approximately $41,399,000. UBS Group AG grew its holdings in shares of ArcelorMittal by 405.2% during the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company's stock valued at $42,706,000 after purchasing an additional 947,532 shares during the last quarter. Man Group plc bought a new stake in shares of ArcelorMittal during the 3rd quarter valued at approximately $11,720,000. Balyasny Asset Management L.P. grew its holdings in shares of ArcelorMittal by 202.2% during the 3rd quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company's stock valued at $13,339,000 after purchasing an additional 246,904 shares during the last quarter. Finally, Arrow Capital Pty Ltd bought a new stake in shares of ArcelorMittal during the 2nd quarter valued at approximately $5,206,000. 9.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MT has been the topic of several research reports. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of ArcelorMittal in a report on Friday, February 6th. Wells Fargo & Company lifted their target price on shares of ArcelorMittal from $47.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Friday, February 6th. Oddo Bhf upgraded shares of ArcelorMittal from a "neutral" rating to an "outperform" rating in a research report on Wednesday, January 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of ArcelorMittal in a research report on Wednesday, January 21st. Finally, JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an "overweight" rating to an "underweight" rating in a research report on Monday, March 9th. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $51.98.

ArcelorMittal Stock Up 11.6%

NYSE:MT opened at $60.04 on Thursday. The firm's 50 day simple moving average is $57.46 and its 200 day simple moving average is $47.81. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 0.53. ArcelorMittal has a one year low of $23.85 and a one year high of $67.60. The company has a market cap of $46.53 billion, a PE ratio of 14.64, a P/E/G ratio of 0.46 and a beta of 1.49.

ArcelorMittal (NYSE:MT - Get Free Report) last posted its earnings results on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.56 by $0.30. ArcelorMittal had a net margin of 5.14% and a return on equity of 5.27%. The business had revenue of $14.97 billion for the quarter, compared to the consensus estimate of $15.56 billion. During the same period last year, the company earned $0.52 EPS. The firm's revenue was up 1.7% compared to the same quarter last year. On average, research analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Friday, November 13th will be given a $0.15 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.0%. ArcelorMittal's payout ratio is 12.44%.

ArcelorMittal Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world's largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal's operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.

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