Arrow Capital Pty Ltd Reduces Holdings in ArcelorMittal $MT

Arrow Capital Pty Ltd lowered its holdings in ArcelorMittal (NYSE:MT) by 39.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,000 shares of the basic materials company’s stock after selling 64,855 shares during the quarter. ArcelorMittal accounts for 0.1% of Arrow Capital Pty Ltd’s holdings, making the stock its 23rd largest holding. Arrow Capital Pty Ltd’s holdings in ArcelorMittal were worth $3,615,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position in shares of ArcelorMittal by 75.0% during the 1st quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock worth $982,000 after purchasing an additional 14,593 shares during the period. Geneos Wealth Management Inc. lifted its stake in ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 501 shares in the last quarter. Vise Technologies Inc. purchased a new position in ArcelorMittal during the 2nd quarter valued at about $430,000. PNC Financial Services Group Inc. boosted its holdings in ArcelorMittal by 17.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 11,073 shares of the basic materials company’s stock valued at $350,000 after acquiring an additional 1,635 shares during the period. Finally, Creative Planning grew its position in ArcelorMittal by 13.5% in the 2nd quarter. Creative Planning now owns 73,957 shares of the basic materials company’s stock valued at $2,336,000 after acquiring an additional 8,768 shares in the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. UBS Group lowered shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, January 21st. Jefferies Financial Group raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and upped their target price for the stock from $51.10 to $73.20 in a research note on Wednesday, February 11th. Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a research note on Tuesday, February 17th. Finally, Oddo Bhf raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Six research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ArcelorMittal presently has a consensus rating of “Hold” and an average target price of $51.98.

ArcelorMittal Stock Performance

Shares of ArcelorMittal stock opened at $50.75 on Friday. The firm’s fifty day simple moving average is $56.69 and its 200-day simple moving average is $45.53. ArcelorMittal has a 12 month low of $23.19 and a 12 month high of $67.60. The stock has a market capitalization of $39.33 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 0.42 and a beta of 1.48. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 0.53.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.30. The firm had revenue of $14.97 billion during the quarter, compared to analysts’ expectations of $15.56 billion. ArcelorMittal had a net margin of 5.14% and a return on equity of 5.27%. ArcelorMittal’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. As a group, equities analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Friday, November 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. ArcelorMittal’s dividend payout ratio (DPR) is currently 12.44%.

ArcelorMittal Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.