Bank of Montreal Can Purchases 1,580 Shares of ArcelorMittal $MT

Bank of Montreal Can raised its position in ArcelorMittal (NYSE:MT) by 1.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 148,590 shares of the basic materials company’s stock after purchasing an additional 1,580 shares during the quarter. Bank of Montreal Can’s holdings in ArcelorMittal were worth $4,692,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. New York State Common Retirement Fund acquired a new position in shares of ArcelorMittal in the first quarter valued at approximately $1,647,000. Gallacher Capital Management LLC increased its position in ArcelorMittal by 8.2% in the 1st quarter. Gallacher Capital Management LLC now owns 12,287 shares of the basic materials company’s stock valued at $354,000 after acquiring an additional 932 shares during the period. Auto Owners Insurance Co bought a new position in shares of ArcelorMittal during the first quarter valued at $3,940,000. Bayforest Capital Ltd lifted its holdings in shares of ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 440 shares during the period. Finally, US Bancorp DE grew its stake in shares of ArcelorMittal by 2.7% in the first quarter. US Bancorp DE now owns 15,496 shares of the basic materials company’s stock worth $447,000 after purchasing an additional 411 shares during the last quarter. 9.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Barclays cut ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Finally, JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $34.95.

ArcelorMittal Stock Up 1.1%

Shares of NYSE:MT opened at $39.59 on Tuesday. ArcelorMittal has a 1 year low of $21.59 and a 1 year high of $41.28. 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 business’s 50-day moving average is $37.04 and its 200-day moving average is $33.65. The company has a market capitalization of $32.43 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 0.17 and a beta of 1.72.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The company had revenue of $15.66 billion during the quarter, compared to analyst estimates of $15.88 billion. During the same quarter in the previous year, the business posted $0.63 EPS. ArcelorMittal’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities research analysts predict 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.