ArcelorMittal $MT Shares Purchased by Maple Rock Capital Partners Inc.

Maple Rock Capital Partners Inc. grew its holdings in shares of ArcelorMittal (NYSE:MT) by 54.9% in the second quarter, HoldingsChannel reports. The fund owned 2,190,860 shares of the basic materials company’s stock after buying an additional 776,595 shares during the period. ArcelorMittal makes up about 2.6% of Maple Rock Capital Partners Inc.’s portfolio, making the stock its 12th largest holding. Maple Rock Capital Partners Inc.’s holdings in ArcelorMittal were worth $131,934,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. First Trust Advisors LP grew its position in ArcelorMittal by 275.8% in the 1st quarter. First Trust Advisors LP now owns 55,311 shares of the basic materials company’s stock valued at $2,875,000 after buying an additional 40,593 shares in the last quarter. Icon Advisers Inc. Co. raised its position in shares of ArcelorMittal by 140.7% during the 1st quarter. Icon Advisers Inc. Co. now owns 65,000 shares of the basic materials company’s stock worth $3,379,000 after buying an additional 38,000 shares in the last quarter. Quantinno Capital Management LP lifted its stake in shares of ArcelorMittal by 11.7% in the 1st quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock worth $17,461,000 after acquiring an additional 35,298 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in shares of ArcelorMittal by 1,317.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 75,105 shares of the basic materials company’s stock valued at $3,904,000 after acquiring an additional 69,805 shares in the last quarter. Finally, Impala Asset Management LLC acquired a new position in shares of ArcelorMittal during the fourth quarter valued at approximately $7,281,000. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Trading Up 0.3%

ArcelorMittal stock opened at $74.63 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43. The firm has a market cap of $57.84 billion, a price-to-earnings ratio of 31.62, a price-to-earnings-growth ratio of 0.56 and a beta of 1.53. ArcelorMittal has a 1 year low of $31.93 and a 1 year high of $75.93. The firm’s 50 day moving average price is $68.45 and its two-hundred day moving average price is $63.59.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The company had revenue of $16.76 billion for the quarter, compared to analyst estimates of $17.56 billion. ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. ArcelorMittal’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company posted $1.32 EPS. On average, research analysts predict that ArcelorMittal will post 4.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MT shares. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $75.00 target price on shares of ArcelorMittal in a research report on Friday, July 31st. Weiss Ratings cut ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Morgan Stanley initiated coverage on ArcelorMittal in a report on Monday, August 24th. They issued an “overweight” rating and a $82.00 price objective for the company. Finally, Wells Fargo & Company lifted their target price on ArcelorMittal from $62.00 to $69.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $74.80.

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.