PNC Financial Services Group Inc. Buys 362 Shares of ArcelorMittal (NYSE:MT)

PNC Financial Services Group Inc. raised its stake in ArcelorMittal (NYSE:MT) by 4.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 9,438 shares of the basic materials company’s stock after purchasing an additional 362 shares during the quarter. PNC Financial Services Group Inc.’s holdings in ArcelorMittal were worth $272,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MT. Hexagon Capital Partners LLC raised its stake in ArcelorMittal by 25.4% in the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company’s stock worth $51,000 after buying an additional 360 shares in the last quarter. GAMMA Investing LLC raised its position in shares of ArcelorMittal by 31.1% in the 1st quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company’s stock worth $55,000 after acquiring an additional 456 shares in the last quarter. Bayforest Capital Ltd lifted its stake in shares of ArcelorMittal by 23.7% in the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 440 shares during the period. BNP Paribas Financial Markets boosted its position in shares of ArcelorMittal by 76.2% during the fourth quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company’s stock valued at $113,000 after purchasing an additional 2,110 shares in the last quarter. Finally, Versant Capital Management Inc bought a new stake in shares of ArcelorMittal during the first quarter valued at approximately $219,000. Institutional investors own 9.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MT. Barclays lowered ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, July 16th. Wall Street Zen cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Finally, Wells Fargo & Company upgraded shares of ArcelorMittal to a “hold” rating in a report on Thursday. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $32.96.

ArcelorMittal Stock Down 1.1%

MT stock opened at $33.54 on Friday. ArcelorMittal has a 1-year low of $21.59 and a 1-year high of $34.90. The business has a fifty day moving average price of $32.24 and a 200-day moving average price of $30.26. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. The stock has a market capitalization of $27.48 billion, a P/E ratio of 10.35, a P/E/G ratio of 0.15 and a beta of 1.65.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.32 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.01). ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%. The business had revenue of $15.93 billion during the quarter, compared to the consensus estimate of $15.48 billion. During the same quarter in the previous year, the business posted $0.63 earnings per share. ArcelorMittal’s quarterly revenue was down 2.0% compared to the same quarter last year. Equities analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

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.