Auto Owners Insurance Co Has $1.68 Million Stock Position in ArcelorMittal $MT

Auto Owners Insurance Co increased its stake in ArcelorMittal (NYSE:MT) by 4,457.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 367,568 shares of the basic materials company’s stock after buying an additional 359,502 shares during the quarter. Auto Owners Insurance Co’s holdings in ArcelorMittal were worth $1,675,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cetera Investment Advisers lifted its stake in ArcelorMittal by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock valued at $838,000 after acquiring an additional 190 shares during the last quarter. TD Waterhouse Canada Inc. increased its stake in shares of ArcelorMittal by 11.2% during the 4th quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock worth $98,000 after purchasing an additional 216 shares during the last quarter. True Wealth Design LLC raised its holdings in shares of ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 234 shares during the period. Parallel Advisors LLC increased its holdings in shares of ArcelorMittal by 16.4% during the 4th quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock worth $112,000 after acquiring an additional 346 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in ArcelorMittal by 15.6% during the fourth quarter. GAMMA Investing LLC now owns 3,179 shares of the basic materials company’s stock worth $145,000 after purchasing an additional 430 shares during the period. 9.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MT shares. Wells Fargo & Company increased their price objective on shares of ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. KeyCorp began coverage on shares of ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. Santander lowered shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Finally, Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Six investment 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 data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $61.07.

ArcelorMittal Stock Up 0.1%

Shares of MT opened at $63.49 on Friday. 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 12 month low of $29.86 and a 12 month high of $72.50. The firm’s 50 day moving average is $63.86 and its 200-day moving average is $56.56. The stock has a market capitalization of $49.21 billion, a PE ratio of 16.67, a P/E/G ratio of 0.51 and a beta of 1.53.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.04. The business had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.05 earnings per share. Equities research analysts forecast that ArcelorMittal will post 4.69 EPS for the current year.

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.