HighTower Advisors LLC Cuts Stock Holdings in ArcelorMittal $MT

HighTower Advisors LLC trimmed its stake in shares of ArcelorMittal (NYSE:MT) by 12.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,000 shares of the basic materials company’s stock after selling 1,746 shares during the period. HighTower Advisors LLC’s holdings in ArcelorMittal were worth $346,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vise Technologies Inc. purchased a new position in ArcelorMittal during the fourth quarter valued at $217,000. Polar Asset Management Partners Inc. purchased a new position in ArcelorMittal during the fourth quarter valued at $2,521,000. Nomura Holdings Inc. purchased a new position in ArcelorMittal during the fourth quarter valued at $1,055,000. New York State Common Retirement Fund purchased a new position in ArcelorMittal during the first quarter valued at $1,647,000. Finally, Castle Hook Partners LP bought a new position in ArcelorMittal during the fourth quarter valued at $1,780,000. 9.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on MT. Wells Fargo & Company upgraded shares of ArcelorMittal to a “hold” rating in a research report on Thursday, August 14th. Wall Street Zen lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Finally, Barclays lowered shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $33.45.

ArcelorMittal Price Performance

ArcelorMittal stock opened at $33.37 on Tuesday. The firm has a 50-day moving average price of $32.93 and a 200-day moving average price of $30.80. The firm has a market capitalization of $27.33 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of 0.15 and a beta of 1.64. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 12-month low of $21.59 and a 12-month high of $35.13.

ArcelorMittal (NYSE:MT) last released its 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). The firm had revenue of $15.93 billion during the quarter, compared to the consensus estimate of $15.48 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.ArcelorMittal’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.63 EPS. As a group, equities research analysts forecast that ArcelorMittal will post 3.72 EPS for the current year.

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.