Envestnet Asset Management Inc. Trims Position in ArcelorMittal (NYSE:MT)

Envestnet Asset Management Inc. trimmed its position in shares of ArcelorMittal (NYSE:MT) by 20.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MT. OLD Mission Capital LLC lifted 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 valued at $15,690,000 after buying an additional 402,402 shares during the period. Bank of America Corp DE grew its holdings in ArcelorMittal by 56.7% during the 4th quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company’s stock valued at $18,140,000 after purchasing an additional 283,758 shares in the last quarter. Northern Trust Corp grew its holdings in ArcelorMittal by 31.7% during 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 in the last quarter. Causeway Capital Management LLC grew its holdings in ArcelorMittal by 12.8% during the 4th quarter. Causeway Capital Management LLC now owns 1,067,400 shares of the basic materials company’s stock valued at $24,689,000 after purchasing an additional 121,155 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in ArcelorMittal during the 4th quarter valued at $2,777,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Price Performance

NYSE MT opened at $33.62 on Tuesday. ArcelorMittal has a 12-month low of $20.52 and a 12-month high of $34.90. The company has a quick ratio of 0.58, a current ratio of 1.35 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average is $31.37 and its 200-day moving average is $28.95. The company has a market capitalization of $27.54 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 0.14 and a beta of 1.63.

ArcelorMittal (NYSE:MT) last announced its earnings results on Wednesday, April 30th. The basic materials company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.33. The company had revenue of $14.80 billion during the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a net margin of 1.98% and a return on equity of 4.11%. ArcelorMittal’s quarterly revenue was down 9.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.16 earnings per share. Equities research analysts anticipate that ArcelorMittal will post 3.72 earnings per share 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 given a dividend of $0.2338 per share. The ex-dividend date was Friday, May 16th. This represents a yield of 1.44%. ArcelorMittal’s dividend payout ratio is 30.72%.

Analyst Ratings Changes

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

ArcelorMittal Company 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.