Retirement Systems of Alabama Purchases Shares of 674,150 ArcelorMittal $MT

Retirement Systems of Alabama purchased a new stake in ArcelorMittal (NYSE:MT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 674,150 shares of the basic materials company’s stock, valued at approximately $30,721,000.

A number of other hedge funds have also modified their holdings of MT. Dimensional Fund Advisors LP raised its position in shares of ArcelorMittal by 1.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,171,378 shares of the basic materials company’s stock worth $114,647,000 after purchasing an additional 55,549 shares during the last quarter. UBS Group AG increased its position in ArcelorMittal by 405.2% during the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after buying an additional 947,532 shares in the last quarter. Maple Rock Capital Partners Inc. purchased a new position in ArcelorMittal during the third quarter worth $41,399,000. Bank of America Corp DE raised its holdings in shares of ArcelorMittal by 15.6% in the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock worth $34,267,000 after acquiring an additional 128,045 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of ArcelorMittal by 17.4% in the third quarter. American Century Companies Inc. now owns 461,149 shares of the basic materials company’s stock worth $16,671,000 after acquiring an additional 68,505 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Jefferies Financial Group upgraded ArcelorMittal from a “hold” rating to a “buy” rating and upped their price objective for the company from $51.10 to $73.20 in a research report on Wednesday, February 11th. Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a research note on Tuesday, February 17th. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to an “underweight” rating in a report on Monday, March 9th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 13th. Finally, Oddo Bhf upgraded shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ArcelorMittal presently has a consensus rating of “Hold” and an average target price of $51.98.

ArcelorMittal Trading Up 7.1%

Shares of ArcelorMittal stock opened at $51.94 on Wednesday. ArcelorMittal has a fifty-two week low of $23.19 and a fifty-two week high of $67.60. The business’s fifty day moving average is $57.39 and its two-hundred day moving average is $47.08. The company has a quick ratio of 0.53, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a market cap of $40.25 billion, a PE ratio of 12.67, a P/E/G ratio of 0.42 and a beta of 1.47.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.30. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The business had revenue of $14.97 billion during the quarter, compared to the consensus estimate of $15.56 billion. During the same quarter in the previous year, the business earned $0.52 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Friday, November 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, November 13th. ArcelorMittal’s payout ratio is 12.44%.

ArcelorMittal Company Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.