ArcelorMittal (MT) Stake Raised by Alliancebernstein L.P.
Alliancebernstein L.P. raised its position in ArcelorMittal (NYSE:MT) by 1.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 59,901 shares of the basic materials company’s stock after buying an additional 720 shares during the period. Alliancebernstein L.P.’s holdings in ArcelorMittal were worth $500,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of MT. Commerzbank Aktiengesellschaft FI boosted its position in ArcelorMittal by 389.0% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 142,932 shares of the basic materials company’s stock worth $1,193,000 after buying an additional 113,705 shares in the last quarter. First Trust Advisors LP purchased a new position in ArcelorMittal during the first quarter worth approximately $555,000. Capital Fund Management S.A. purchased a new position in ArcelorMittal during the first quarter worth approximately $1,141,000. Ameriprise Financial Inc. boosted its position in ArcelorMittal by 0.5% in the first quarter. Ameriprise Financial Inc. now owns 53,502 shares of the basic materials company’s stock worth $447,000 after buying an additional 285 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in ArcelorMittal by 272.7% in the first quarter. BNP Paribas Arbitrage SA now owns 48,042 shares of the basic materials company’s stock worth $401,000 after buying an additional 35,153 shares in the last quarter. Institutional investors own 9.72% of the company’s stock.
Shares of ArcelorMittal (NYSE MT) opened at 27.04 on Wednesday. The stock has a market capitalization of $27.58 billion, a price-to-earnings ratio of 8.51 and a beta of 2.09. The stock’s 50 day moving average is $23.84 and its 200-day moving average is $24.07. ArcelorMittal has a 12-month low of $16.14 and a 12-month high of $28.11.
ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.33 EPS for the quarter, beating the consensus estimate of $0.78 by $0.55. The company had revenue of $17.24 billion for the quarter, compared to the consensus estimate of $16.88 billion. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The firm’s revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. On average, analysts expect that ArcelorMittal will post $3.07 earnings per share for the current year.
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A number of research analysts recently commented on MT shares. Zacks Investment Research cut ArcelorMittal from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 8th. Cowen and Company reissued a “buy” rating and issued a $11.00 target price on shares of ArcelorMittal in a research note on Friday, May 19th. BidaskClub raised ArcelorMittal from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. Deutsche Bank AG raised ArcelorMittal from a “hold” rating to a “buy” rating and increased their target price for the company from $25.00 to $32.00 in a research note on Wednesday, July 12th. Finally, ValuEngine raised ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $29.72.
ArcelorMittal Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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