Bank of America Corp DE Increases Stock Holdings in ArcelorMittal S.A. (NYSE:MT)

Bank of America Corp DE increased its position in ArcelorMittal S.A. (NYSE:MT) by 56.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 784,252 shares of the basic materials company’s stock after acquiring an additional 283,758 shares during the quarter. Bank of America Corp DE owned about 0.10% of ArcelorMittal worth $18,140,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in shares of ArcelorMittal by 221.3% during the fourth quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company’s stock worth $78,712,000 after purchasing an additional 2,344,020 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in ArcelorMittal by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,029,028 shares of the basic materials company’s stock valued at $70,061,000 after purchasing an additional 91,363 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in ArcelorMittal by 146.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,535,319 shares of the basic materials company’s stock worth $35,512,000 after buying an additional 912,984 shares in the last quarter. Northern Trust Corp grew its stake in ArcelorMittal by 31.7% in the 4th quarter. Northern Trust Corp now owns 1,153,924 shares of the basic materials company’s stock worth $26,690,000 after buying an additional 277,891 shares in the last quarter. Finally, Causeway Capital Management LLC increased its holdings in shares of ArcelorMittal by 12.8% in the 4th quarter. Causeway Capital Management LLC now owns 1,067,400 shares of the basic materials company’s stock worth $24,689,000 after buying an additional 121,155 shares during the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Analyst Ratings Changes

MT has been the subject of a number of research analyst reports. Jefferies Financial Group downgraded shares of ArcelorMittal from a “buy” rating to a “hold” rating and set a $36.20 price objective for the company. in a report on Wednesday, March 26th. The Goldman Sachs Group raised ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $29.00 to $31.70 in a research note on Thursday, April 10th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of ArcelorMittal in a research report on Monday, April 14th. Finally, Morgan Stanley downgraded ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.95.

ArcelorMittal Stock Performance

NYSE MT opened at $31.17 on Wednesday. The company has a 50-day simple moving average of $29.17 and a two-hundred day simple moving average of $26.87. ArcelorMittal S.A. has a 12-month low of $20.52 and a 12-month high of $34.90. The firm has a market cap of $25.54 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 0.14 and a beta of 1.62. The company has a quick ratio of 0.59, a current ratio of 1.35 and a debt-to-equity ratio of 0.17.

ArcelorMittal (NYSE:MT) last released its earnings results on Wednesday, April 30th. The basic materials company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.33. ArcelorMittal had a return on equity of 4.31% and a net margin of 2.14%. The company had revenue of $14.80 billion during the quarter, compared to analyst estimates of $15.11 billion. During the same quarter in the previous year, the company posted $1.16 EPS. ArcelorMittal’s revenue for the quarter was down 9.1% on a year-over-year basis. On average, equities analysts forecast that ArcelorMittal S.A. will post 3.72 EPS for the current year.

ArcelorMittal Cuts Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, June 11th. Shareholders of record on Monday, May 19th will be given a $0.2338 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a yield of 1.44%. ArcelorMittal’s payout ratio is currently 30.07%.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.