Envestnet Asset Management Inc. Sells 73,032 Shares of ArcelorMittal (NYSE:MT)

Envestnet Asset Management Inc. lessened its stake in ArcelorMittal (NYSE:MT) by 20.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 275,787 shares of the basic materials company’s stock after selling 73,032 shares during the quarter. Envestnet Asset Management Inc.’s holdings in ArcelorMittal were worth $7,956,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake 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 worth $70,061,000 after acquiring an additional 91,363 shares during the last quarter. Northern Trust Corp increased its holdings 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 valued at $26,690,000 after purchasing an additional 277,891 shares during the last quarter. Causeway Capital Management LLC grew its stake in shares of ArcelorMittal by 12.8% in the fourth quarter. Causeway Capital Management LLC now owns 1,067,400 shares of the basic materials company’s stock worth $24,689,000 after acquiring an additional 121,155 shares in the last quarter. Bank of America Corp DE lifted its position in ArcelorMittal by 56.7% in the fourth quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company’s stock valued at $18,140,000 after acquiring an additional 283,758 shares during the last quarter. Finally, OLD Mission Capital LLC increased its stake in shares of ArcelorMittal by 145.8% during the fourth quarter. OLD Mission Capital LLC now owns 678,350 shares of the basic materials company’s stock worth $15,690,000 after acquiring an additional 402,402 shares during the period. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Price Performance

Shares of NYSE:MT opened at $33.62 on Tuesday. The stock has a market cap of $27.54 billion, a P/E ratio of 11.51, a P/E/G ratio of 0.14 and a beta of 1.63. The company has a current ratio of 1.35, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16. ArcelorMittal has a 12 month low of $20.52 and a 12 month high of $34.90. The company has a 50 day moving average of $31.37 and a 200 day moving average of $28.95.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.33. ArcelorMittal had a net margin of 1.98% and a return on equity of 4.11%. The firm had revenue of $14.80 billion for the quarter, compared to analysts’ expectations of $15.11 billion. During the same quarter in the prior year, the business earned $1.16 EPS. The business’s quarterly revenue was down 9.1% on a year-over-year basis. As a group, sell-side analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

ArcelorMittal Cuts Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, June 11th. Investors of record on Monday, May 19th were issued a $0.2338 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a dividend yield of 1.44%. ArcelorMittal’s payout ratio is currently 30.72%.

Analysts Set New Price Targets

MT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a research report on Monday, April 14th. Barclays downgraded shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. The Goldman Sachs Group upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $29.00 to $31.70 in a research report on Thursday, April 10th. Wall Street Zen downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Jefferies Financial Group lowered ArcelorMittal from a “buy” rating to a “hold” rating and set a $36.20 target price on the stock. in a research report on Wednesday, March 26th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $32.95.

ArcelorMittal Profile

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.