GK Wealth Management LLC Invests $408,000 in ArcelorMittal $MT

GK Wealth Management LLC bought a new stake in ArcelorMittal (NYSE:MT) during the second quarter, according to its most recent filing with the SEC. The firm bought 6,780 shares of the basic materials company’s stock, valued at approximately $408,000.

Several other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in ArcelorMittal by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock worth $168,008,000 after acquiring an additional 11,503 shares during the period. Maple Rock Capital Partners Inc. boosted its holdings in ArcelorMittal by 42.4% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock valued at $74,306,000 after acquiring an additional 485,400 shares during the period. UBS Group AG grew its position in shares of ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock valued at $42,706,000 after purchasing an additional 947,532 shares during the last quarter. Bank of America Corp DE grew its position in shares of ArcelorMittal by 15.6% in the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after purchasing an additional 128,045 shares during the last quarter. Finally, Senator Investment Group LP bought a new position in shares of ArcelorMittal in the fourth quarter worth about $26,431,000. Institutional investors own 9.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $75.00 price objective on shares of ArcelorMittal in a research report on Friday. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research report on Friday, July 10th. Wells Fargo & Company lifted their price target on ArcelorMittal from $62.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Santander lowered ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Finally, Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research report on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.40.

ArcelorMittal Stock Up 4.7%

MT stock opened at $75.21 on Wednesday. ArcelorMittal has a twelve month low of $30.75 and a twelve month high of $75.43. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market cap of $58.29 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 0.55 and a beta of 1.53. The business’s 50-day simple moving average is $66.28 and its 200 day simple moving average is $61.07.

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.