QRG Capital Management Inc. Purchases 38,818 Shares of ArcelorMittal $MT

Key Points

• QRG Capital Management Inc. increased its stake in ArcelorMittal by 63.9%, purchasing 38,818 shares to hold 99,543 shares valued at about $4.536 million at the end of the quarter.
• ArcelorMittal reported quarterly EPS of $0.75, beating estimates by $0.03 while revenue missed at $15.46 billion versus $17.04 billion, and the company declared a $0.15 quarterly dividend ($0.60 annualized, ~0.9% yield).
• Analysts are mixed—six Buy, six Hold and one Sell—resulting in a consensus rating of "Hold" with an average price target of $61.07 (Jefferies raised its target to $73.20).

QRG Capital Management Inc. increased its position in shares of ArcelorMittal (NYSE:MT - Free Report) by 63.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,543 shares of the basic materials company's stock after purchasing an additional 38,818 shares during the quarter. QRG Capital Management Inc.'s holdings in ArcelorMittal were worth $4,536,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MT. State of Wyoming acquired a new stake in shares of ArcelorMittal during the third quarter worth approximately $36,000. True Wealth Design LLC grew its position in ArcelorMittal by 41.4% during the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company's stock worth $36,000 after acquiring an additional 234 shares during the last quarter. Geneos Wealth Management Inc. grew its position in ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock worth $47,000 after acquiring an additional 501 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in ArcelorMittal by 392.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company's stock valued at $63,000 after purchasing an additional 1,396 shares in the last quarter. Finally, CWM LLC boosted its stake in ArcelorMittal by 23.3% in the third quarter. CWM LLC now owns 1,826 shares of the basic materials company's stock worth $66,000 after purchasing an additional 345 shares in the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MT has been the subject of a number of research reports. Santander lowered ArcelorMittal from an "outperform" rating to a "neutral" rating in a research note on Tuesday, April 21st. Oddo Bhf raised shares of ArcelorMittal from a "neutral" rating to an "outperform" rating in a report on Wednesday, January 14th. Morgan Stanley restated an "overweight" rating on shares of ArcelorMittal in a research report on Tuesday, February 17th. KeyCorp initiated coverage on shares of ArcelorMittal in a research report on Wednesday, March 25th. They set a "sector weight" rating on the stock. Finally, Jefferies Financial Group raised shares of ArcelorMittal from a "hold" rating to a "buy" rating and raised their price target for the company from $51.10 to $73.20 in a report on Wednesday, February 11th. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $61.07.

ArcelorMittal Stock Performance

Shares of NYSE:MT opened at $63.17 on Thursday. The stock has a market capitalization of $48.96 billion, a P/E ratio of 16.58, a P/E/G ratio of 0.47 and a beta of 1.48. ArcelorMittal has a 1-year low of $29.62 and a 1-year high of $67.60. The company has a current ratio of 1.39, a quick ratio of 0.53 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $57.11 and a two-hundred day moving average price of $50.72.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The company had revenue of $15.46 billion during the quarter, compared to analysts' expectations of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. ArcelorMittal's revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.05 EPS. Equities analysts predict that ArcelorMittal will post 4.67 earnings per share for the current year.

ArcelorMittal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Friday, November 13th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.9%. ArcelorMittal's dividend payout ratio is 13.39%.

ArcelorMittal Company Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world's largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal's operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.

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