Russell Investments Group Ltd. Purchases 23,678 Shares of ArcelorMittal $MT

Key Points

• Russell Investments Group Ltd. increased its stake in ArcelorMittal by 232.6%, owning 33,858 shares valued at $977,000 as of the end of the recent quarter.
• The stock price of ArcelorMittal opened at $33.37, with a twelve-month range between $21.59 and $35.13, while its market capitalization stands at $27.33 billion.
• ArcelorMittal's earnings report revealed $1.32 EPS, which fell short of analyst expectations, alongside quarterly revenue of $15.93 billion.

Russell Investments Group Ltd. increased its holdings in shares of ArcelorMittal (NYSE:MT - Free Report) by 232.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 33,858 shares of the basic materials company's stock after purchasing an additional 23,678 shares during the period. Russell Investments Group Ltd.'s holdings in ArcelorMittal were worth $977,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Hexagon Capital Partners LLC boosted its holdings in shares of ArcelorMittal by 25.4% during the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock worth $51,000 after acquiring an additional 360 shares during the period. GAMMA Investing LLC boosted its stake in shares of ArcelorMittal by 31.1% in the first quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after buying an additional 456 shares during the period. Bayforest Capital Ltd raised its position in ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock valued at $62,000 after purchasing an additional 440 shares in the last quarter. BNP Paribas Financial Markets raised its position in ArcelorMittal by 76.2% during the fourth quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company's stock valued at $113,000 after purchasing an additional 2,110 shares in the last quarter. Finally, Atlas Capital Advisors Inc. acquired a new position in ArcelorMittal during the first quarter valued at approximately $166,000. Institutional investors own 9.29% of the company's stock.

Analysts Set New Price Targets

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

ArcelorMittal Stock Performance

Shares of MT stock traded up $0.52 during trading hours on Thursday, hitting $33.23. 1,912,917 shares of the company were exchanged, compared to its average volume of 1,540,275. The firm has a fifty day simple moving average of $33.02 and a 200 day simple moving average of $30.85. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 52-week low of $21.59 and a 52-week high of $35.13. The stock has a market capitalization of $27.22 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 0.15 and a beta of 1.64.

ArcelorMittal (NYSE:MT - Get Free Report) last issued 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 analysts' expectations of $15.48 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The company's revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 EPS. Research analysts predict that ArcelorMittal will post 3.72 earnings per share for the current fiscal 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.