QRG Capital Management Inc. Purchases 72,416 Shares of ArcelorMittal $MT

Key Points

• QRG Capital Management Inc. increased its stake in ArcelorMittal by 112.5%, acquiring an additional 72,416 shares, bringing its total holdings to 136,796 shares valued at approximately $4.32 million.
• Institutional investors own 9.29% of ArcelorMittal's stock, with notable investments including Telemark Asset Management LLC, which purchased a new stake worth $11.54 million.
• Analyst ratings for ArcelorMittal show a mix of upgrades and downgrades, with a current consensus rating of "Hold" and an average target price of $33.45.

QRG Capital Management Inc. increased its holdings in shares of ArcelorMittal (NYSE:MT - Free Report) by 112.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136,796 shares of the basic materials company's stock after acquiring an additional 72,416 shares during the period. QRG Capital Management Inc.'s holdings in ArcelorMittal were worth $4,320,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Telemark Asset Management LLC bought a new stake in shares of ArcelorMittal during the first quarter worth $11,540,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of ArcelorMittal by 22.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock worth $54,021,000 after purchasing an additional 337,158 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of ArcelorMittal during the first quarter valued at approximately $5,263,000. Auto Owners Insurance Co acquired a new stake in shares of ArcelorMittal in the first quarter valued at approximately $3,940,000. Finally, OLD Mission Capital LLC raised its position in ArcelorMittal by 20.1% in the 1st quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company's stock worth $23,507,000 after purchasing an additional 136,443 shares during the last quarter. Institutional investors own 9.29% of the company's stock.

Analyst Upgrades and Downgrades

MT has been the topic of a number of recent research reports. Wall Street Zen upgraded ArcelorMittal from a "hold" rating to a "buy" rating in a research report on Friday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ArcelorMittal in a research note on Saturday, September 27th. Wells Fargo & Company upgraded ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Finally, Barclays cut ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $33.45.

ArcelorMittal Stock Up 1.4%

Shares of ArcelorMittal stock opened at $38.95 on Tuesday. The business has a fifty day simple moving average of $34.22 and a 200 day simple moving average of $31.67. The stock has a market cap of $31.91 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 0.17 and a beta of 1.69. The company has a quick ratio of 0.59, a current ratio of 1.40 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 12 month low of $21.59 and a 12 month high of $39.69.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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%.ArcelorMittal's quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. Research analysts predict that ArcelorMittal will post 3.72 EPS for the current year.

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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