ArcelorMittal $MT Stock Position Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its stake in shares of ArcelorMittal (NYSE:MT) by 23.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,480,754 shares of the basic materials company’s stock after selling 465,327 shares during the period. Bank of New York Mellon Corp’s holdings in ArcelorMittal were worth $67,478,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in ArcelorMittal by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 3,171,378 shares of the basic materials company’s stock valued at $114,647,000 after purchasing an additional 55,549 shares in the last quarter. UBS Group AG grew its position in ArcelorMittal by 405.2% during the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock valued at $42,706,000 after purchasing an additional 947,532 shares in the last quarter. Maple Rock Capital Partners Inc. purchased a new position in ArcelorMittal during the third quarter valued at approximately $41,399,000. Bank of America Corp DE grew its position in ArcelorMittal by 15.6% during the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after purchasing an additional 128,045 shares in the last quarter. Finally, Retirement Systems of Alabama bought a new stake in ArcelorMittal in the fourth quarter worth approximately $30,721,000. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Price Performance

Shares of ArcelorMittal stock opened at $66.34 on Wednesday. The firm has a fifty day simple moving average of $61.75 and a 200-day simple moving average of $55.25. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 1-year low of $29.80 and a 1-year high of $72.50. The stock has a market capitalization of $51.41 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 0.54 and a beta of 1.53.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The business had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. During the same period in the previous year, the company earned $1.05 earnings per share. ArcelorMittal’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, sell-side analysts expect that ArcelorMittal will post 4.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on MT. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Santander downgraded shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Finally, KeyCorp began coverage on shares of ArcelorMittal in a research report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $61.07.

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.