ArcelorMittal (MT) Position Boosted by Morgan Stanley
Morgan Stanley raised its stake in ArcelorMittal (NYSE:MT) by 55.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,270,841 shares of the basic materials company’s stock after buying an additional 810,291 shares during the period. Morgan Stanley owned approximately 0.07% of ArcelorMittal worth $18,961,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC boosted its stake in ArcelorMittal by 735.3% in the fourth quarter. FMR LLC now owns 2,870,010 shares of the basic materials company’s stock worth $20,951,000 after buying an additional 2,526,400 shares during the period. Zweig DiMenna Associates LLC bought a new stake in ArcelorMittal during the first quarter worth approximately $6,326,000. Nepsis Capital Management Inc. bought a new stake in ArcelorMittal during the first quarter worth approximately $6,325,000. MARSHALL WACE ASIA Ltd bought a new stake in ArcelorMittal during the first quarter worth approximately $4,632,000. Finally, Marshall Wace North America L.P. acquired a new position in ArcelorMittal during the first quarter worth about $4,632,000. Institutional investors own 9.72% of the company’s stock.
Shares of ArcelorMittal (NYSE:MT) traded down 1.17% during mid-day trading on Tuesday, reaching $27.04. 6,337,185 shares of the company traded hands. ArcelorMittal has a 52-week low of $16.14 and a 52-week high of $28.11. The stock has a market capitalization of $27.58 billion, a price-to-earnings ratio of 8.51 and a beta of 2.09. The company’s 50 day moving average is $23.84 and its 200 day moving average is $24.07.
ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.55. The firm had revenue of $17.24 billion during the quarter, compared to the consensus estimate of $16.88 billion. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.38 EPS. On average, equities analysts forecast that ArcelorMittal will post $3.07 earnings per share for the current year.
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A number of research firms have issued reports on MT. BidaskClub raised shares of ArcelorMittal from a “sell” rating to a “hold” rating in a research report on Saturday, June 24th. Zacks Investment Research raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Tuesday, July 11th. Cowen and Company reissued a “buy” rating and issued a $11.00 price target on shares of ArcelorMittal in a report on Friday, May 19th. ValuEngine raised shares of ArcelorMittal from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Finally, SBG Securities cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Sunday, July 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $29.72.
ArcelorMittal Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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