Syon Capital LLC Buys New Position in ArcelorMittal $MT

Syon Capital LLC bought a new stake in ArcelorMittal (NYSE:MT) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 9,661 shares of the basic materials company’s stock, valued at approximately $349,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Assetmark Inc. boosted its stake in shares of ArcelorMittal by 1,723.6% in the third quarter. Assetmark Inc. now owns 3,556 shares of the basic materials company’s stock valued at $129,000 after purchasing an additional 3,361 shares during the period. GK Wealth Management LLC lifted its holdings in ArcelorMittal by 4.1% during the 3rd quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock worth $258,000 after buying an additional 284 shares in the last quarter. Caprock Group LLC purchased a new position in ArcelorMittal in the 3rd quarter valued at approximately $305,000. Smartleaf Asset Management LLC grew its stake in shares of ArcelorMittal by 56.5% in the third quarter. Smartleaf Asset Management LLC now owns 7,372 shares of the basic materials company’s stock worth $269,000 after acquiring an additional 2,661 shares in the last quarter. Finally, Gallacher Capital Management LLC increased its position in shares of ArcelorMittal by 27.1% during the third quarter. Gallacher Capital Management LLC now owns 16,316 shares of the basic materials company’s stock worth $590,000 after acquiring an additional 3,476 shares during the period. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Wells Fargo & Company boosted their target price on ArcelorMittal from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Friday, February 6th. Jefferies Financial Group upgraded ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price objective for the company 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 report on Tuesday, February 17th. Santander raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, February 5th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 6th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.98.

ArcelorMittal Stock Performance

Shares of MT opened at $65.24 on Monday. The company has a current ratio of 1.36, a quick ratio of 0.53 and a debt-to-equity ratio of 0.19. The firm has a market cap of $50.56 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 0.57 and a beta of 1.52. ArcelorMittal has a 12-month low of $23.19 and a 12-month high of $66.97. The company’s 50 day simple moving average is $52.32 and its 200-day simple moving average is $42.82.

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

ArcelorMittal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Friday, November 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. ArcelorMittal’s payout ratio is currently 12.44%.

ArcelorMittal Company 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.