24,466 Shares in ArcelorMittal S.A. (NYSE:MT) Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC purchased a new stake in ArcelorMittal S.A. (NYSE:MT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 24,466 shares of the basic materials company’s stock, valued at approximately $642,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Maple Rock Capital Partners Inc. bought a new stake in ArcelorMittal in the 1st quarter valued at about $36,406,000. Bank of New York Mellon Corp lifted 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 worth $18,858,000 after purchasing an additional 783,965 shares in the last quarter. MMCAP International Inc. SPC grew its position in ArcelorMittal by 103.4% in the 1st quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock valued at $17,950,000 after purchasing an additional 330,820 shares during the period. Encompass Capital Advisors LLC bought a new stake in ArcelorMittal during the 2nd quarter valued at $12,679,000. Finally, Van ECK Associates Corp raised its holdings in ArcelorMittal by 1.8% during the second quarter. Van ECK Associates Corp now owns 225,420 shares of the basic materials company’s stock worth $5,169,000 after buying an additional 3,994 shares during the last quarter. 9.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MT has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and increased their price objective for the stock from $29.00 to $31.00 in a research note on Wednesday, August 28th. Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $30.30.

ArcelorMittal Price Performance

Shares of NYSE:MT opened at $26.50 on Friday. The firm has a market capitalization of $21.34 billion, a PE ratio of -39.03, a P/E/G ratio of 0.54 and a beta of 1.77. The company has a quick ratio of 0.66, a current ratio of 1.53 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $24.13 and a two-hundred day moving average price of $24.03. ArcelorMittal S.A. has a twelve month low of $20.52 and a twelve month high of $29.01.

ArcelorMittal Company 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.