Fmr LLC Increases Holdings in ArcelorMittal S.A. (NYSE:MT)

Fmr LLC increased its position in ArcelorMittal S.A. (NYSE:MT) by 46.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,317,833 shares of the basic materials company’s stock after purchasing an additional 419,465 shares during the quarter. Fmr LLC owned approximately 0.16% of ArcelorMittal worth $34,606,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MT. Bank of New York Mellon Corp increased its holdings in shares of ArcelorMittal by 2,038.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock valued at $18,858,000 after acquiring an additional 783,965 shares during the period. Encompass Capital Advisors LLC purchased a new position in ArcelorMittal in the second quarter valued at about $12,679,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in ArcelorMittal by 90.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock valued at $16,343,000 after purchasing an additional 295,682 shares during the last quarter. Cerity Partners LLC raised its holdings in ArcelorMittal by 128.0% in the third quarter. Cerity Partners LLC now owns 464,315 shares of the basic materials company’s stock worth $12,193,000 after purchasing an additional 260,633 shares in the last quarter. Finally, Mediolanum International Funds Ltd bought a new stake in shares of ArcelorMittal in the 3rd quarter valued at about $3,042,000. 9.88% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Stock Down 0.3 %

ArcelorMittal stock opened at $25.29 on Monday. ArcelorMittal S.A. has a fifty-two week low of $20.52 and a fifty-two week high of $29.01. The company has a market cap of $20.37 billion, a PE ratio of -17.94, a PEG ratio of 0.59 and a beta of 1.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. The business’s 50-day simple moving average is $24.89 and its two-hundred day simple moving average is $23.94.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The firm had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.11 billion. During the same quarter in the prior year, the business earned $1.10 earnings per share. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. Equities analysts anticipate that ArcelorMittal S.A. will post 3.02 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MT shares. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and raised their target price for the company from $29.00 to $31.00 in a research note on Wednesday, August 28th. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Finally, Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $30.00 to $32.90 in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ArcelorMittal has a consensus rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal 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.