Northern Trust Corp Has $28.39 Million Holdings in ArcelorMittal $MT

Key Points

• Northern Trust Corp has reduced its holdings in ArcelorMittal by 14.7%, now owning approximately 984,079 shares valued at $28,391,000 following the sale of 169,845 shares in Q1.
• Various institutional investors have also adjusted their stakes, with Connor Clark & Lunn Investment Management Ltd. increasing its position by 22.0%, now owning over 1.8 million shares.
• ArcelorMittal's shares opened at $33.37, with quarterly earnings reported at $1.32 per share, slightly missing the consensus estimate of $1.33.

Northern Trust Corp decreased its position in ArcelorMittal (NYSE:MT - Free Report) by 14.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 984,079 shares of the basic materials company's stock after selling 169,845 shares during the period. Northern Trust Corp owned about 0.12% of ArcelorMittal worth $28,391,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MT. Brooklyn Investment Group boosted its stake in ArcelorMittal by 143,333.3% in the 1st quarter. Brooklyn Investment Group now owns 4,303 shares of the basic materials company's stock worth $124,000 after buying an additional 4,300 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of ArcelorMittal during the 1st quarter valued at about $3,778,000. Corient IA LLC purchased a new stake in shares of ArcelorMittal during the 1st quarter valued at about $288,000. American Century Companies Inc. raised its holdings in shares of ArcelorMittal by 0.5% during the 1st quarter. American Century Companies Inc. now owns 282,224 shares of the basic materials company's stock valued at $8,142,000 after buying an additional 1,386 shares during the period. Finally, Fox Run Management L.L.C. acquired a new stake in ArcelorMittal during the 1st quarter valued at approximately $1,339,000. Institutional investors and hedge funds own 9.29% of the company's stock.

ArcelorMittal Price Performance

Shares of MT traded up $0.39 during midday trading on Thursday, reaching $33.10. The stock had a trading volume of 1,274,795 shares, compared to its average volume of 1,978,140. The company has a market capitalization of $27.11 billion, a P/E ratio of 10.21, a P/E/G ratio of 0.15 and a beta of 1.64. ArcelorMittal has a 52 week low of $21.59 and a 52 week high of $35.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. The firm's 50 day moving average price is $32.99 and its 200-day moving average price is $30.82.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on MT. Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company upgraded ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Finally, Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, ArcelorMittal presently has a consensus rating of "Hold" and a consensus target price of $33.45.

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.