Envestnet Asset Management Inc. Reduces Stock Position in ArcelorMittal $MT

Envestnet Asset Management Inc. lowered its holdings in ArcelorMittal (NYSE:MT) by 12.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 237,635 shares of the basic materials company’s stock after selling 35,204 shares during the period. Envestnet Asset Management Inc.’s holdings in ArcelorMittal were worth $8,590,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. American Century Companies Inc. boosted its holdings in shares of ArcelorMittal by 39.1% during the 2nd quarter. American Century Companies Inc. now owns 392,644 shares of the basic materials company’s stock valued at $12,400,000 after buying an additional 110,420 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of ArcelorMittal by 15.9% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 211,326 shares of the basic materials company’s stock valued at $6,674,000 after buying an additional 28,915 shares in the last quarter. Sei Investments Co. raised its position in shares of ArcelorMittal by 13.3% during the second quarter. Sei Investments Co. now owns 179,518 shares of the basic materials company’s stock valued at $5,669,000 after buying an additional 21,004 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of ArcelorMittal by 18.3% in the 2nd quarter. Quantinno Capital Management LP now owns 172,240 shares of the basic materials company’s stock worth $5,439,000 after buying an additional 26,672 shares during the last quarter. Finally, Arrow Capital Pty Ltd purchased a new stake in ArcelorMittal during the 2nd quarter valued at $5,206,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MT. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 6th. Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research note on Tuesday. Oddo Bhf upgraded shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 14th. Jefferies Financial Group raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and increased their target price for the stock from $51.10 to $73.20 in a research note on Wednesday, February 11th. Finally, Santander upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.98.

ArcelorMittal Stock Down 1.0%

MT stock opened at $64.49 on Friday. The firm has a market capitalization of $49.98 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 0.57 and a beta of 1.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36. The company’s 50 day moving average price is $51.94 and its 200 day moving average price is $42.42. ArcelorMittal has a fifty-two week low of $23.19 and a fifty-two week high of $66.97.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.30. The business had revenue of $14.97 billion for the quarter, compared to the consensus estimate of $15.56 billion. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 EPS. On average, equities research analysts anticipate that ArcelorMittal will post 3.72 EPS for the current fiscal year.

ArcelorMittal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Friday, November 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. ArcelorMittal’s dividend payout ratio (DPR) is currently 11.46%.

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.