ArcelorMittal $MT Stock: Hennessy Advisors Inc. Cuts Holdings

Hennessy Advisors Inc. reduced its stake in ArcelorMittal (NYSE:MT) by 8.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 145,600 shares of the basic materials company’s stock after selling 14,300 shares during the quarter. Hennessy Advisors Inc.’s holdings in ArcelorMittal were worth $9,717,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Moody National Bank Trust Division boosted its stake in ArcelorMittal by 5.7% in the 3rd quarter. Moody National Bank Trust Division now owns 3,606 shares of the basic materials company’s stock worth $241,000 after buying an additional 195 shares during the last quarter. SYM FINANCIAL Corp increased its holdings in ArcelorMittal by 4.1% in the 3rd quarter. SYM FINANCIAL Corp now owns 7,490 shares of the basic materials company’s stock valued at $500,000 after purchasing an additional 296 shares in the last quarter. Versant Capital Management Inc increased its holdings in ArcelorMittal by 3.1% in the 3rd quarter. Versant Capital Management Inc now owns 9,811 shares of the basic materials company’s stock valued at $654,000 after purchasing an additional 298 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in ArcelorMittal by 1.4% in the third quarter. Crossmark Global Holdings Inc. now owns 25,992 shares of the basic materials company’s stock valued at $1,735,000 after purchasing an additional 369 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in shares of ArcelorMittal by 10.6% during the third quarter. Farther Finance Advisors LLC now owns 3,949 shares of the basic materials company’s stock worth $264,000 after purchasing an additional 380 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on MT. Wells Fargo & Company lowered their target price on ArcelorMittal from $69.00 to $64.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 6th. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, September 23rd. Weiss Ratings lowered ArcelorMittal from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft set a $79.00 price target on ArcelorMittal and gave the stock a “buy” rating in a report on Monday, October 5th. Finally, Morgan Stanley began coverage on shares of ArcelorMittal in a research report on Monday, August 24th. They issued an “overweight” rating and a $82.00 price objective for the company. Eight investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.55.

ArcelorMittal Stock Performance

NYSE:MT opened at $59.81 on Monday. The stock has a market cap of $46.35 billion, a price-to-earnings ratio of 25.34, a price-to-earnings-growth ratio of 0.56 and a beta of 1.55. ArcelorMittal has a one year low of $36.70 and a one year high of $79.68. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43. The business’s 50-day simple moving average is $68.56 and its 200 day simple moving average is $63.62.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The business had revenue of $16.76 billion for the quarter, compared to analyst estimates of $17.56 billion. During the same quarter last year, the business earned $1.32 EPS. ArcelorMittal’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that ArcelorMittal will post 3.63 earnings per share for the current fiscal year.

ArcelorMittal Profile

ArcelorMittal SA (NYSE: MT) is one of the world’s largest integrated steel and mining companies. The company produces steel products for the automotive, construction, appliance, energy, engineering and packaging industries, serving customers through a combination of primary steelmaking, finishing and distribution operations.

Its product portfolio includes flat steel, long steel, tubular products, bars, wire rod and specialized automotive steels. ArcelorMittal also operates iron ore mining and pelletizing activities that support its steel production and supply chain.

The company was formed in 2006 through the merger of Arcelor and Mittal Steel.