ABC Arbitrage SA Makes New $3.82 Million Investment in ArcelorMittal $MT

ABC Arbitrage SA acquired a new position in shares of ArcelorMittal (NYSE:MT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 73,471 shares of the basic materials company’s stock, valued at approximately $3,819,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MT. Darwin Wealth Management LLC purchased a new position in shares of ArcelorMittal during the fourth quarter worth approximately $1,126,000. Carrera Capital Advisors bought a new stake in shares of ArcelorMittal in the 4th quarter worth approximately $4,673,000. Retirement Systems of Alabama purchased a new stake in shares of ArcelorMittal in the 4th quarter valued at $30,721,000. Marnell Management LLC purchased a new stake in shares of ArcelorMittal in the 4th quarter valued at $678,000. Finally, BW Gestao de Investimentos Ltda. bought a new position in shares of ArcelorMittal during the 4th quarter valued at $9,114,000. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Price Performance

Shares of MT stock opened at $65.93 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.54 and a current ratio of 1.39. ArcelorMittal has a fifty-two week low of $30.17 and a fifty-two week high of $72.50. The firm has a market cap of $51.10 billion, a P/E ratio of 17.31, a P/E/G ratio of 0.53 and a beta of 1.55. The business’s 50 day moving average price is $64.71 and its 200-day moving average price is $58.70.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $17.04 billion. During the same period in the prior year, the business earned $1.05 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, equities research analysts anticipate that ArcelorMittal will post 4.68 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MT shares. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday. Jefferies Financial Group reiterated a “buy” rating on shares of ArcelorMittal in a research report on Monday, July 6th. KeyCorp initiated coverage on ArcelorMittal in a research note on Wednesday, March 25th. They set a “sector weight” rating for the company. Finally, Citigroup restated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $68.40.

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.