AlphaCore Capital LLC Purchases Shares of 4,129 ArcelorMittal $MT

AlphaCore Capital LLC acquired a new position in shares of ArcelorMittal (NYSE:MT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,129 shares of the basic materials company’s stock, valued at approximately $130,000.

Several other large investors also recently made changes to their positions in the company. Telemark Asset Management LLC acquired a new position in ArcelorMittal during the 1st quarter worth approximately $11,540,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 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 valued at $54,021,000 after acquiring an additional 337,158 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of ArcelorMittal during the first quarter worth approximately $5,263,000. OLD Mission Capital LLC raised its position in shares of ArcelorMittal by 20.1% during the first quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company’s stock worth $23,507,000 after purchasing an additional 136,443 shares during the period. Finally, ABC Arbitrage SA lifted its holdings in shares of ArcelorMittal by 31.0% in the 1st quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company’s stock worth $16,165,000 after purchasing an additional 132,535 shares in the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on MT shares. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. Wall Street Zen cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Wells Fargo & Company reaffirmed a “cautious” rating and issued a $39.00 price target (up previously from $33.00) on shares of ArcelorMittal in a research report on Thursday, October 23rd. Finally, The Goldman Sachs Group reissued a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $35.63.

ArcelorMittal Trading Up 3.9%

NYSE:MT opened at $42.22 on Wednesday. ArcelorMittal has a 52 week low of $21.59 and a 52 week high of $42.43. The firm has a 50-day moving average price of $38.37 and a two-hundred day moving average price of $34.43. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. The firm has a market cap of $34.59 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 0.17 and a beta of 1.72.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04. The company had revenue of $15.66 billion during the quarter, compared to analyst estimates of $15.88 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.ArcelorMittal’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 earnings per share. On average, equities analysts expect that ArcelorMittal will post 3.72 earnings per share for the current fiscal 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.