Bank of New York Mellon Corp increased its position in ArcelorMittal SA (NYSE:MT) by 9.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,213 shares of the basic materials company’s stock after purchasing an additional 5,244 shares during the quarter. Bank of New York Mellon Corp’s holdings in ArcelorMittal were worth $1,791,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MT. Cambiar Investors LLC boosted its stake in ArcelorMittal by 1.6% during the 2nd quarter. Cambiar Investors LLC now owns 4,422,119 shares of the basic materials company’s stock valued at $127,269,000 after acquiring an additional 69,176 shares during the last quarter. Wells Fargo & Company MN boosted its stake in ArcelorMittal by 0.6% during the 2nd quarter. Wells Fargo & Company MN now owns 401,460 shares of the basic materials company’s stock valued at $11,554,000 after acquiring an additional 2,467 shares during the last quarter. Aperio Group LLC boosted its stake in ArcelorMittal by 13.0% during the 2nd quarter. Aperio Group LLC now owns 261,360 shares of the basic materials company’s stock valued at $7,522,000 after acquiring an additional 30,113 shares during the last quarter. Nepsis Inc. boosted its stake in ArcelorMittal by 18.8% during the 2nd quarter. Nepsis Inc. now owns 168,521 shares of the basic materials company’s stock valued at $4,850,000 after acquiring an additional 26,724 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in ArcelorMittal during the 2nd quarter valued at $2,730,000. Institutional investors and hedge funds own 3.38% of the company’s stock.

ArcelorMittal stock opened at $28.49 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.38. ArcelorMittal SA has a 1 year low of $27.17 and a 1 year high of $37.50. The stock has a market capitalization of $31.47 billion, a PE ratio of 5.32, a price-to-earnings-growth ratio of 1.15 and a beta of 2.31.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Wednesday, August 1st. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.55 by $0.28. ArcelorMittal had a net margin of 7.11% and a return on equity of 12.62%. The company had revenue of $20 billion for the quarter, compared to the consensus estimate of $20.25 billion. During the same period last year, the firm posted $1.29 EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, research analysts expect that ArcelorMittal SA will post 5.59 earnings per share for the current year.

A number of research firms have commented on MT. ValuEngine upgraded shares of ArcelorMittal from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Credit Suisse Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, August 8th. Zacks Investment Research downgraded shares of ArcelorMittal from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 4th. Macquarie began coverage on shares of ArcelorMittal in a research note on Friday, July 6th. They set an “outperform” rating on the stock. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Monday, September 17th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $37.00.

About ArcelorMittal

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.

Further Reading: Risk Tolerance

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Institutional Ownership by Quarter for ArcelorMittal (NYSE:MT)

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