LPL Financial LLC Decreases Stock Position in ArcelorMittal $MT

Key Points

• LPL Financial LLC has reduced its stake in ArcelorMittal by 14.4%, selling 11,178 shares and bringing its total holdings to 66,181 shares valued at approximately $1.91 million.
• ArcelorMittal's quarterly earnings report revealed an earnings per share of $1.32, slightly below analyst expectations of $1.33, while revenue exceeded estimates at $15.93 billion.
• The stock price of ArcelorMittal has experienced a decrease of 1.8% and analysts currently rate it as a "Hold" with a consensus target price of $32.96.

LPL Financial LLC trimmed its holdings in shares of ArcelorMittal (NYSE:MT - Free Report) by 14.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,181 shares of the basic materials company's stock after selling 11,178 shares during the quarter. LPL Financial LLC's holdings in ArcelorMittal were worth $1,909,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of MT. Hexagon Capital Partners LLC raised its stake 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 worth $51,000 after acquiring an additional 360 shares during the period. GAMMA Investing LLC boosted its holdings in ArcelorMittal by 31.1% in the 1st quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock worth $55,000 after buying an additional 456 shares during the period. Gallacher Capital Management LLC boosted its holdings in ArcelorMittal by 8.2% in the 1st quarter. Gallacher Capital Management LLC now owns 12,287 shares of the basic materials company's stock worth $354,000 after buying an additional 932 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in ArcelorMittal by 5.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 25,690 shares of the basic materials company's stock worth $594,000 after buying an additional 1,224 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in ArcelorMittal by 76.2% in the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company's stock worth $113,000 after buying an additional 2,110 shares during the period. Hedge funds and other institutional investors own 9.29% of the company's stock.

ArcelorMittal Price Performance

Shares of MT traded up $0.7660 during midday trading on Friday, hitting $33.9960. 1,259,737 shares of the company traded hands, compared to its average volume of 2,009,243. The firm has a 50 day moving average of $32.59 and a 200-day moving average of $30.53. ArcelorMittal has a 52 week low of $21.59 and a 52 week high of $35.13. The stock has a market cap of $27.85 billion, a price-to-earnings ratio of 10.49, a PEG ratio of 0.15 and a beta of 1.65. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly earnings data 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). ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The company had revenue of $15.93 billion for the quarter, compared to the consensus estimate of $15.48 billion. During the same period last year, the company earned $0.63 EPS. The firm's revenue for the quarter was down 2.0% on a year-over-year basis. On average, analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Barclays downgraded shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Wall Street Zen downgraded shares of ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Wells Fargo & Company raised shares of ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, ArcelorMittal currently has an average rating of "Hold" and an average price target of $32.96.

ArcelorMittal Company 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.