Connor Clark & Lunn Investment Management Ltd. Sells 109,041 Shares of ArcelorMittal $MT

Connor Clark & Lunn Investment Management Ltd. decreased its stake in ArcelorMittal (NYSE:MT) by 6.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,645,930 shares of the basic materials company’s stock after selling 109,041 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.20% of ArcelorMittal worth $59,500,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in ArcelorMittal by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 3,171,378 shares of the basic materials company’s stock valued at $114,647,000 after buying an additional 55,549 shares during the last quarter. American Century Companies Inc. boosted its position in ArcelorMittal by 17.4% in the 3rd quarter. American Century Companies Inc. now owns 461,149 shares of the basic materials company’s stock valued at $16,671,000 after buying an additional 68,505 shares during the period. Cubist Systematic Strategies LLC grew its stake in ArcelorMittal by 15.9% in the second quarter. Cubist Systematic Strategies LLC now owns 211,326 shares of the basic materials company’s stock worth $6,674,000 after purchasing an additional 28,915 shares in the last quarter. Sei Investments Co. grew its position in shares of ArcelorMittal by 13.3% during the 2nd quarter. Sei Investments Co. now owns 179,518 shares of the basic materials company’s stock worth $5,669,000 after buying an additional 21,004 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of ArcelorMittal by 18.3% in the 2nd quarter. Quantinno Capital Management LP now owns 172,240 shares of the basic materials company’s stock worth $5,439,000 after purchasing an additional 26,672 shares during the period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MT. Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research note on Tuesday, February 17th. Santander raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, February 5th. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday. Jefferies Financial Group raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.10 to $73.20 in a research note on Wednesday, February 11th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a report on Friday, February 6th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ArcelorMittal presently has a consensus rating of “Hold” and a consensus price target of $51.98.

ArcelorMittal Stock Performance

NYSE MT opened at $56.58 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 0.53. The company has a market cap of $43.85 billion, a P/E ratio of 13.80, a P/E/G ratio of 0.47 and a beta of 1.48. The stock has a 50-day moving average of $56.46 and a two-hundred day moving average of $45.27. ArcelorMittal has a 1-year low of $23.19 and a 1-year high of $67.60.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.30. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The company had revenue of $14.97 billion for the quarter, compared to analyst estimates of $15.56 billion. During the same quarter last year, the company earned $0.52 EPS. ArcelorMittal’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, analysts anticipate that ArcelorMittal will post 3.72 EPS for the current year.

ArcelorMittal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Friday, November 13th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, November 13th. ArcelorMittal’s payout ratio is presently 12.44%.

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.