TD Waterhouse Canada Inc. Boosts Stock Position in ArcelorMittal $MT

Key Points

• TD Waterhouse Canada Inc. increased its ArcelorMittal stake by 822.3% in the second quarter, ending with 16,491 shares valued at approximately $978,000. Other institutional investors, including UBS and Auto Owners Insurance, also expanded their positions.
• ArcelorMittal shares opened at $77.05, near their 52-week high of $79.68, with the stock up substantially from its $34.15 low. The company reported quarterly EPS of $0.90 and revenue of $16.76 billion, both below analyst expectations.
• Analyst sentiment remains mixed, with five Buy ratings and seven Holds, producing a consensus Hold rating and an average price target of $74.80.

TD Waterhouse Canada Inc. grew its stake in shares of ArcelorMittal (NYSE:MT - Free Report) by 822.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,491 shares of the basic materials company's stock after purchasing an additional 14,703 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in ArcelorMittal were worth $978,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Maple Rock Capital Partners Inc. bought a new stake in shares of ArcelorMittal during the third quarter valued at approximately $41,399,000. UBS Group AG raised its position in ArcelorMittal by 405.2% during the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company's stock valued at $42,706,000 after purchasing an additional 947,532 shares in the last quarter. Senator Investment Group LP purchased a new stake in shares of ArcelorMittal in the 4th quarter worth $26,431,000. Auto Owners Insurance Co lifted its holdings in shares of ArcelorMittal by 4,457.0% in the 4th quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company's stock worth $1,675,000 after buying an additional 359,502 shares during the period. Finally, Man Group plc bought a new position in shares of ArcelorMittal during the 3rd quarter worth $11,720,000. 9.29% of the stock is currently owned by institutional investors.

ArcelorMittal Stock Performance

NYSE MT opened at $77.05 on Thursday. The firm has a market capitalization of $59.72 billion, a P/E ratio of 32.65, a PEG ratio of 0.54 and a beta of 1.55. The stock has a 50-day simple moving average of $70.65 and a two-hundred day simple moving average of $64.23. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43. ArcelorMittal has a fifty-two week low of $34.15 and a fifty-two week high of $79.68.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The business had revenue of $16.76 billion for the quarter, compared to analysts' expectations of $17.56 billion. During the same quarter in the prior year, the company posted $1.32 EPS. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities analysts forecast that ArcelorMittal will post 4.48 earnings per share for the current year.

Wall Street Analyst Weigh In

MT has been the subject of several recent research reports. Wells Fargo & Company lifted their price objective on ArcelorMittal from $62.00 to $69.00 and gave the company an "equal weight" rating in a report on Friday, July 31st. Weiss Ratings downgraded shares of ArcelorMittal from a "buy (b-)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of ArcelorMittal in a research report on Friday, September 4th. Morgan Stanley initiated coverage on shares of ArcelorMittal in a research note on Monday, August 24th. They set an "overweight" rating and a $82.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised shares of ArcelorMittal from an "underweight" rating to a "neutral" rating in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $74.80.

ArcelorMittal Company Profile

ArcelorMittal SA is a global steel and mining company with operations spanning the Americas, Europe and Africa. The company produces and sells steel products for industries including automotive, construction, infrastructure, energy, packaging and general manufacturing.

Its portfolio includes flat steel, long steel, tubular products and tailored solutions designed for specific industrial applications. ArcelorMittal also operates iron ore mining and processing activities, which supply raw materials for its steelmaking operations and support its vertically integrated business model.

ArcelorMittal was formed in 2006 through the merger of Arcelor and Mittal Steel.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.