Icon Advisers Inc. Co. Purchases 38,000 Shares of ArcelorMittal $MT

Icon Advisers Inc. Co. boosted its position in shares of ArcelorMittal (NYSE:MT) by 140.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 65,000 shares of the basic materials company’s stock after purchasing an additional 38,000 shares during the period. Icon Advisers Inc. Co.’s holdings in ArcelorMittal were worth $3,379,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC grew its stake in ArcelorMittal by 41.4% during the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after buying an additional 234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of ArcelorMittal in the fourth quarter valued at approximately $44,000. Geneos Wealth Management Inc. boosted its holdings in shares of ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 501 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of ArcelorMittal by 91.5% in the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock worth $51,000 after acquiring an additional 538 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in ArcelorMittal by 126.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 640 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MT shares. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 6th. Wells Fargo & Company raised their target price on ArcelorMittal from $61.00 to $62.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Finally, KeyCorp began coverage on shares of ArcelorMittal in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.40.

ArcelorMittal Stock Performance

Shares of ArcelorMittal stock opened at $66.52 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. The firm has a 50 day simple moving average of $65.34 and a 200 day simple moving average of $59.72. ArcelorMittal has a fifty-two week low of $30.17 and a fifty-two week high of $72.50. The firm has a market cap of $51.55 billion, a P/E ratio of 17.46, a P/E/G ratio of 0.50 and a beta of 1.55.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. The firm had revenue of $15.46 billion for the quarter, compared to the consensus estimate of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. Sell-side analysts predict that ArcelorMittal will post 4.89 earnings per share for the current fiscal year.

ArcelorMittal 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.