Capital Wealth Planning LLC Raises Holdings in ArcelorMittal $MT

Capital Wealth Planning LLC boosted its holdings in shares of ArcelorMittal (NYSE:MT) by 156.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 235,750 shares of the basic materials company’s stock after purchasing an additional 143,758 shares during the quarter. Capital Wealth Planning LLC’s holdings in ArcelorMittal were worth $11,127,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Darwin Wealth Management LLC purchased a new position in ArcelorMittal during the fourth quarter worth approximately $1,126,000. AlphaCore Capital LLC boosted its position in ArcelorMittal by 672.4% during the third quarter. AlphaCore Capital LLC now owns 31,894 shares of the basic materials company’s stock worth $1,153,000 after purchasing an additional 27,765 shares in the last quarter. Carrera Capital Advisors purchased a new position in ArcelorMittal during the fourth quarter worth approximately $4,673,000. American Century Companies Inc. boosted its position in ArcelorMittal by 17.4% during the third quarter. American Century Companies Inc. now owns 461,149 shares of the basic materials company’s stock worth $16,671,000 after purchasing an additional 68,505 shares in the last quarter. Finally, Retirement Systems of Alabama purchased a new position in ArcelorMittal during the fourth quarter worth approximately $30,721,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MT shares. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. KeyCorp started coverage on ArcelorMittal in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Wells Fargo & Company increased their price target on ArcelorMittal from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Finally, Santander downgraded ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $61.07.

ArcelorMittal Stock Performance

NYSE MT opened at $63.70 on Thursday. The company has a market cap of $49.37 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 0.54 and a beta of 1.53. The stock’s 50 day simple moving average is $62.05 and its 200-day simple moving average is $55.42. ArcelorMittal has a 1-year low of $29.80 and a 1-year high of $72.50. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54.

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