Park Avenue Securities LLC Invests $400,000 in ArcelorMittal $MT

Key Points

• Park Avenue Securities LLC has invested approximately $400,000 in ArcelorMittal, acquiring 12,679 shares during the second quarter.
• ArcelorMittal's stock has experienced a 1.3% decline and reports a market capitalization of $29.88 billion, with a price-to-earnings ratio of 11.26.
• Analysts have mixed opinions on ArcelorMittal, with Barclays downgrading it from "overweight" to "equal weight," while Wells Fargo upgraded it to a "hold" rating.

Park Avenue Securities LLC bought a new stake in ArcelorMittal (NYSE:MT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,679 shares of the basic materials company's stock, valued at approximately $400,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Contravisory Investment Management Inc. bought a new position in ArcelorMittal during the second quarter worth about $270,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of ArcelorMittal by 4.1% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,873 shares of the basic materials company's stock worth $714,000 after buying an additional 860 shares in the last quarter. GK Wealth Management LLC acquired a new position in shares of ArcelorMittal in the 2nd quarter worth approximately $216,000. Gallacher Capital Management LLC raised its holdings in shares of ArcelorMittal by 4.5% in the 2nd quarter. Gallacher Capital Management LLC now owns 12,840 shares of the basic materials company's stock worth $406,000 after buying an additional 553 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in shares of ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock worth $47,000 after buying an additional 501 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company's stock.

ArcelorMittal Stock Down 1.3%

Shares of MT opened at $36.47 on Tuesday. The firm has a market capitalization of $29.88 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 0.16 and a beta of 1.64. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. The business's fifty day moving average price is $33.81 and its two-hundred day moving average price is $31.47. ArcelorMittal has a 52 week low of $21.59 and a 52 week high of $36.99.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $15.93 billion during the quarter, compared to the consensus estimate of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 earnings per share. On average, analysts predict that ArcelorMittal will post 3.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Barclays cut ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Finally, Wall Street Zen cut ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, ArcelorMittal currently has an average rating of "Hold" and a consensus price target of $33.45.

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.

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