Northern Trust Corp Sells 169,845 Shares of ArcelorMittal $MT

Northern Trust Corp decreased its holdings in shares of ArcelorMittal (NYSE:MT) by 14.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 984,079 shares of the basic materials company’s stock after selling 169,845 shares during the period. Northern Trust Corp owned about 0.12% of ArcelorMittal worth $28,391,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. lifted its stake in ArcelorMittal by 22.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company’s stock worth $54,021,000 after purchasing an additional 337,158 shares during the period. Bank of America Corp DE lifted its stake in ArcelorMittal by 56.7% during the fourth quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company’s stock worth $18,140,000 after purchasing an additional 283,758 shares during the period. ABC Arbitrage SA raised its stake in shares of ArcelorMittal by 31.0% in the first quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company’s stock valued at $16,165,000 after acquiring an additional 132,535 shares during the last quarter. Telemark Asset Management LLC bought a new position in shares of ArcelorMittal in the first quarter valued at approximately $11,540,000. Finally, American Century Companies Inc. raised its stake in shares of ArcelorMittal by 0.5% in the first quarter. American Century Companies Inc. now owns 282,224 shares of the basic materials company’s stock valued at $8,142,000 after acquiring an additional 1,386 shares during the last quarter. Institutional investors own 9.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Wall Street Zen cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. Barclays cut shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company upgraded shares of ArcelorMittal to a “hold” rating in a research note on Thursday, August 14th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $33.45.

ArcelorMittal Price Performance

Shares of MT stock opened at $33.37 on Friday. ArcelorMittal has a 12-month low of $21.59 and a 12-month high of $35.13. The firm has a market capitalization of $27.33 billion, a price-to-earnings ratio of 10.30, a price-to-earnings-growth ratio of 0.15 and a beta of 1.65. The company has a quick ratio of 0.59, a current ratio of 1.40 and a debt-to-equity ratio of 0.19. The firm has a fifty day moving average of $32.87 and a 200-day moving average of $30.75.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.01). ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm had revenue of $15.93 billion during the quarter, compared to analyst estimates of $15.48 billion. During the same period last year, the firm earned $0.63 EPS. ArcelorMittal’s quarterly revenue was down 2.0% on a year-over-year basis. On average, equities research analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current year.

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.