SummitTX Capital L.P. Sells 73,339 Shares of ArcelorMittal $MT

SummitTX Capital L.P. reduced its holdings in ArcelorMittal (NYSE:MT - Free Report) by 48.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 78,457 shares of the basic materials company's stock after selling 73,339 shares during the quarter. SummitTX Capital L.P.'s holdings in ArcelorMittal were worth $4,078,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of ArcelorMittal in the fourth quarter worth $44,000. Geneos Wealth Management Inc. increased its holdings in ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock valued at $47,000 after purchasing an additional 501 shares during the period. Allworth Financial LP increased its holdings in ArcelorMittal by 91.5% in the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company's stock valued at $51,000 after purchasing an additional 538 shares during the period. CIBC Private Wealth Group LLC raised its position in ArcelorMittal by 126.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company's stock worth $52,000 after purchasing an additional 640 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in ArcelorMittal by 268.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company's stock worth $76,000 after purchasing an additional 1,765 shares during the last quarter. Institutional investors own 9.29% of the company's stock.

ArcelorMittal Price Performance

MT stock opened at $67.61 on Tuesday. The firm has a market cap of $52.39 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 0.51 and a beta of 1.55. The company has a quick ratio of 0.54, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 12-month low of $30.17 and a 12-month high of $72.50. The company's fifty day simple moving average is $65.63 and its 200 day simple moving average is $60.14.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The business had revenue of $15.46 billion for the quarter, compared to analysts' expectations of $17.04 billion. During the same quarter in the prior year, the firm posted $1.05 earnings per share. The business's quarterly revenue was up 4.5% compared to the same quarter last year. On average, analysts expect that ArcelorMittal will post 4.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MT shares. Weiss Ratings upgraded ArcelorMittal from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $70.00 price target on shares of ArcelorMittal in a research note on Tuesday, July 7th. Jefferies Financial Group reaffirmed a "buy" rating on shares of ArcelorMittal in a research note on Monday, July 6th. JPMorgan Chase & Co. upgraded ArcelorMittal from an "underweight" rating to a "neutral" rating in a report on Friday, July 10th. Finally, Citigroup reiterated a "buy" rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $68.40.

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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