Van ECK Associates Corp Has $30.93 Million Stock Holdings in ArcelorMittal $MT

Van ECK Associates Corp cut its position in shares of ArcelorMittal (NYSE:MT) by 2.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 855,591 shares of the basic materials company’s stock after selling 21,045 shares during the quarter. Van ECK Associates Corp’s holdings in ArcelorMittal were worth $30,930,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. State of Wyoming acquired a new position in ArcelorMittal during the third quarter worth $36,000. Geneos Wealth Management Inc. boosted its holdings in ArcelorMittal by 44.2% during 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 during the last quarter. Farther Finance Advisors LLC grew its position in ArcelorMittal by 392.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after purchasing an additional 1,396 shares in the last quarter. CWM LLC increased its position in shares of ArcelorMittal by 23.3% during the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock valued at $66,000 after acquiring an additional 345 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of ArcelorMittal by 268.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 1,765 shares during the period. 9.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on MT shares. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Friday, February 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of ArcelorMittal in a report on Tuesday, February 17th. Jefferies Financial Group upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and lifted their target price for the company from $51.10 to $73.20 in a research report on Wednesday, February 11th. Santander upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, February 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 6th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $51.98.

ArcelorMittal Stock Down 0.3%

Shares of NYSE MT opened at $56.58 on Thursday. The firm has a fifty day simple moving average of $56.46 and a two-hundred day simple moving average of $45.27. ArcelorMittal has a 12 month low of $23.19 and a 12 month high of $67.60. The company has a current ratio of 1.36, a quick ratio of 0.53 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $43.85 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 0.47 and a beta of 1.48.

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

ArcelorMittal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Friday, November 13th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, November 13th. ArcelorMittal’s dividend payout ratio (DPR) is presently 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.