Impala Asset Management LLC Invests $7.28 Million in ArcelorMittal $MT

Impala Asset Management LLC purchased a new position in shares of ArcelorMittal (NYSE:MT) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 158,866 shares of the basic materials company’s stock, valued at approximately $7,281,000. ArcelorMittal makes up about 4.6% of Impala Asset Management LLC’s portfolio, making the stock its 7th largest position.

Several other hedge funds and other institutional investors have also made changes to their positions in MT. Maple Rock Capital Partners Inc. acquired a new position in shares of ArcelorMittal during the 3rd quarter worth $41,399,000. UBS Group AG increased its position in ArcelorMittal by 405.2% during the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after purchasing an additional 947,532 shares in the last quarter. Retirement Systems of Alabama purchased a new stake in ArcelorMittal during the 4th quarter worth about $30,721,000. Man Group plc purchased a new stake in ArcelorMittal during the 3rd quarter worth about $11,720,000. Finally, Balyasny Asset Management L.P. increased its position in ArcelorMittal by 202.2% during the 3rd quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock worth $13,339,000 after purchasing an additional 246,904 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Stock Up 2.4%

MT opened at $70.77 on Friday. 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 stock has a market capitalization of $54.84 billion, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 0.57 and a beta of 1.53. The business has a 50-day moving average of $62.73 and a two-hundred day moving average of $55.73. ArcelorMittal has a 12 month low of $29.80 and a 12 month high of $72.50.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. The company had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The firm’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.05 EPS. On average, research analysts expect that ArcelorMittal will post 4.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MT shares. KeyCorp started coverage on ArcelorMittal in a research report on Wednesday, March 25th. They set a “sector weight” rating for the company. Morgan Stanley reiterated an “overweight” rating on shares of ArcelorMittal in a research report on Tuesday, February 17th. Wells Fargo & Company lifted their price objective on ArcelorMittal from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $61.07.

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.