National Bank of Canada FI Increases Stake in ArcelorMittal $MT

Key Points

• The National Bank of Canada FI significantly increased its stake in ArcelorMittal shares by 1,176% during the first quarter, acquiring an additional 13,301 shares and bringing its total to 14,432 shares valued at approximately $416,000.
• Analysts' ratings for ArcelorMittal include a recent downgrade from Barclays, changing the rating from "overweight" to "equal weight," and Wells Fargo upgraded the rating to "hold."
• ArcelorMittal's recent quarterly earnings report showed a slight miss against analysts' expectations, reporting $1.32 EPS compared to an expected $1.33, while revenue was higher than anticipated at $15.93 billion.

National Bank of Canada FI boosted its stake in ArcelorMittal (NYSE:MT - Free Report) by 1,176.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,432 shares of the basic materials company's stock after acquiring an additional 13,301 shares during the period. National Bank of Canada FI's holdings in ArcelorMittal were worth $416,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Hexagon Capital Partners LLC raised its position in shares of ArcelorMittal by 25.4% in 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 raised its position in shares of ArcelorMittal by 31.1% in 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 raised its position in shares of ArcelorMittal by 23.7% in 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. BNP Paribas Financial Markets raised its position in shares of ArcelorMittal by 76.2% in 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. Finally, Versant Capital Management Inc bought a new stake in shares of ArcelorMittal in the first quarter valued at approximately $219,000. Institutional investors own 9.29% of the company's stock.

Wall Street Analysts Forecast Growth

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

ArcelorMittal Price Performance

MT stock traded down $0.5750 during midday trading on Wednesday, reaching $33.9350. The company had a trading volume of 577,520 shares, compared to its average volume of 2,021,513. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. ArcelorMittal has a 1 year low of $21.59 and a 1 year high of $35.13. The company has a market capitalization of $27.80 billion, a P/E ratio of 10.47, a P/E/G ratio of 0.15 and a beta of 1.65. The firm has a 50-day moving average price of $32.40 and a 200-day moving average price of $30.39.

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 analysts' consensus estimates of $1.33 by ($0.01). ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The company had revenue of $15.93 billion during the quarter, compared to analysts' expectations of $15.48 billion. During the same period in the prior year, the firm earned $0.63 EPS. ArcelorMittal's quarterly revenue was down 2.0% on a year-over-year basis. On average, research analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current fiscal 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.