130,964 Shares in ArcelorMittal $MT Acquired by Summit Securities Group LLC

Key Points

• Summit Securities Group LLC acquired 130,964 shares of ArcelorMittal, valued at approximately $3,778,000, making it the 11th largest holding in their portfolio.
• ArcelorMittal reported earnings of $1.32 per share, missing estimates by $0.01, with a quarterly revenue of $15.93 billion, which was above projections.
• Several institutional investors have also increased their stakes in ArcelorMittal, with 9.29% of the company's stock now owned by such entities.

Summit Securities Group LLC bought a new stake in ArcelorMittal (NYSE:MT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 130,964 shares of the basic materials company's stock, valued at approximately $3,778,000. ArcelorMittal accounts for approximately 0.6% of Summit Securities Group LLC's portfolio, making the stock its 11th biggest holding.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN lifted its stake in shares of ArcelorMittal by 61.2% in the fourth quarter. Wells Fargo & Company MN now owns 114,407 shares of the basic materials company's stock valued at $2,646,000 after purchasing an additional 43,425 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of ArcelorMittal by 14.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 348,819 shares of the basic materials company's stock valued at $8,068,000 after acquiring an additional 45,255 shares during the period. Russell Investments Group Ltd. lifted its position in shares of ArcelorMittal by 53.5% during the 4th quarter. Russell Investments Group Ltd. now owns 10,180 shares of the basic materials company's stock valued at $235,000 after acquiring an additional 3,549 shares during the period. Renaissance Technologies LLC boosted its stake in shares of ArcelorMittal by 4.4% during the 4th quarter. Renaissance Technologies LLC now owns 67,400 shares of the basic materials company's stock worth $1,559,000 after acquiring an additional 2,829 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of ArcelorMittal in the 4th quarter worth approximately $2,777,000. 9.29% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Stock Down 1.8%

NYSE MT traded down $0.6240 during trading hours on Wednesday, hitting $33.8860. The company had a trading volume of 1,359,354 shares, compared to its average volume of 2,026,627. The company has a market capitalization of $27.76 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 0.15 and a beta of 1.65. The firm's 50 day moving average is $32.40 and its 200 day moving average is $30.39. ArcelorMittal has a fifty-two week low of $21.59 and a fifty-two week high of $35.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59.

ArcelorMittal (NYSE:MT - Get Free Report) last announced 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 business 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 firm's revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 earnings per share. Sell-side analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MT. Barclays cut ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Wall Street Zen downgraded ArcelorMittal from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Wells Fargo & Company upgraded shares of ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, ArcelorMittal currently has an average rating of "Hold" and an average price target of $32.96.

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.