Alpine Global Management LLC Takes $568,000 Position in ArcelorMittal (MT)
Alpine Global Management LLC purchased a new stake in shares of ArcelorMittal (NYSE:MT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 25,000 shares of the basic materials company’s stock, valued at approximately $568,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Marshall Wace North America L.P. purchased a new stake in ArcelorMittal during the first quarter valued at about $4,632,000. Morgan Stanley increased its holdings in shares of ArcelorMittal by 55.5% in the first quarter. Morgan Stanley now owns 2,270,841 shares of the basic materials company’s stock worth $18,961,000 after buying an additional 810,291 shares during the period. Jane Street Group LLC increased its holdings in shares of ArcelorMittal by 775.6% in the first quarter. Jane Street Group LLC now owns 2,127,765 shares of the basic materials company’s stock worth $17,767,000 after buying an additional 1,884,765 shares during the period. First Trust Advisors LP purchased a new position in shares of ArcelorMittal in the first quarter worth about $555,000. Finally, Two Sigma Securities LLC purchased a new position in shares of ArcelorMittal in the first quarter worth about $196,000. Institutional investors and hedge funds own 3.57% of the company’s stock.
Several research analysts have recently commented on the company. Zacks Investment Research upgraded ArcelorMittal from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a report on Tuesday, September 26th. ValuEngine downgraded ArcelorMittal from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 26th. Cowen and Company set a $32.00 price objective on ArcelorMittal and gave the stock a “buy” rating in a report on Wednesday, August 23rd. BidaskClub downgraded ArcelorMittal from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of ArcelorMittal in a report on Thursday, August 17th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $30.77.
Shares of ArcelorMittal (NYSE:MT) traded up 0.15% on Friday, reaching $26.71. The company had a trading volume of 2,898,645 shares. The stock’s 50 day moving average is $26.45 and its 200 day moving average is $24.30. The firm has a market capitalization of $27.24 billion, a price-to-earnings ratio of 8.40 and a beta of 2.10. ArcelorMittal has a 52 week low of $18.24 and a 52 week high of $28.11.
ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.55. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The company had revenue of $17.24 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the company posted $0.38 EPS. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, equities analysts anticipate that ArcelorMittal will post $3.14 EPS for the current year.
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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