Oppenheimer Asset Management Inc. Sells 15,166 Shares of ArcelorMittal (NYSE:MT)

Oppenheimer Asset Management Inc. decreased its position in ArcelorMittal (NYSE:MT - Free Report) by 27.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,099 shares of the basic materials company's stock after selling 15,166 shares during the period. Oppenheimer Asset Management Inc.'s holdings in ArcelorMittal were worth $1,157,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp grew its position in shares of ArcelorMittal by 221.3% in the 4th quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company's stock valued at $78,712,000 after purchasing an additional 2,344,020 shares during the period. US Bancorp DE boosted its holdings in shares of ArcelorMittal by 5.0% in the fourth quarter. US Bancorp DE now owns 15,085 shares of the basic materials company's stock valued at $349,000 after buying an additional 717 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of ArcelorMittal by 76.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company's stock valued at $137,000 after buying an additional 2,586 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of ArcelorMittal by 24.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 67,562 shares of the basic materials company's stock worth $1,563,000 after acquiring an additional 13,141 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of ArcelorMittal in the 4th quarter valued at about $2,777,000. Institutional investors own 9.29% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on MT. The Goldman Sachs Group upgraded shares of ArcelorMittal from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $29.00 to $31.70 in a report on Thursday, April 10th. Jefferies Financial Group cut ArcelorMittal from a "buy" rating to a "hold" rating and set a $36.20 price objective on the stock. in a research note on Wednesday, March 26th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of ArcelorMittal in a report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $32.95.

ArcelorMittal Stock Performance

Shares of MT traded down $0.50 during mid-day trading on Tuesday, reaching $31.08. The company's stock had a trading volume of 848,782 shares, compared to its average volume of 1,825,412. The company has a current ratio of 1.35, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16. ArcelorMittal has a 1-year low of $20.52 and a 1-year high of $34.90. The business has a 50-day simple moving average of $30.46 and a two-hundred day simple moving average of $27.99. The stock has a market cap of $25.46 billion, a P/E ratio of 20.34, a PEG ratio of 0.15 and a beta of 1.65.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.33. ArcelorMittal had a return on equity of 4.11% and a net margin of 1.98%. The business had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $15.11 billion. During the same quarter last year, the firm posted $1.16 EPS. The company's quarterly revenue was down 9.1% on a year-over-year basis. As a group, equities research analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

ArcelorMittal Cuts Dividend

The business also recently announced a dividend, which was paid on Wednesday, June 11th. Stockholders of record on Monday, May 19th were paid a dividend of $0.2338 per share. This represents a dividend yield of 1.44%. The ex-dividend date of this dividend was Friday, May 16th. ArcelorMittal's dividend payout ratio is presently 30.72%.

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.