Summit Securities Group LLC Purchases Shares of 130,964 ArcelorMittal $MT

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

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

ArcelorMittal Stock Performance

Shares of MT traded up $0.93 during midday trading on Friday, reaching $34.16. 572,182 shares of the stock were exchanged, compared to its average volume of 2,013,206. The business's 50-day moving average price is $32.51 and its 200 day moving average price is $30.47. 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 has a twelve month low of $21.59 and a twelve month high of $35.13. The company has a market capitalization of $27.99 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 0.15 and a beta of 1.65.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly 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). ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The company had revenue of $15.93 billion for the quarter, compared to analysts' expectations of $15.48 billion. During the same period in the prior year, the business earned $0.63 EPS. The business's quarterly revenue was down 2.0% compared to the same quarter last year. On average, sell-side analysts expect that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Wall Street Zen cut ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus 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.