Castle Hook Partners LP Takes Position in ArcelorMittal $MT

Castle Hook Partners LP acquired a new stake in shares of ArcelorMittal (NYSE:MT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 130,669 shares of the basic materials company’s stock, valued at approximately $5,955,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Cetera Investment Advisers grew its stake in shares of ArcelorMittal by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock valued at $838,000 after buying an additional 190 shares during the last quarter. TD Waterhouse Canada Inc. grew its stake in shares of ArcelorMittal by 11.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock valued at $98,000 after buying an additional 216 shares during the last quarter. True Wealth Design LLC grew its stake in shares of ArcelorMittal by 41.4% during the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after buying an additional 234 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of ArcelorMittal by 16.4% during the fourth quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock valued at $112,000 after buying an additional 346 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of ArcelorMittal by 15.6% during the fourth quarter. GAMMA Investing LLC now owns 3,179 shares of the basic materials company’s stock valued at $145,000 after buying an additional 430 shares during the last quarter. 9.29% of the stock is owned by institutional investors.

ArcelorMittal Stock Performance

ArcelorMittal stock opened at $65.04 on Thursday. The stock’s 50 day simple moving average is $63.60 and its two-hundred day simple moving average is $56.36. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.54 and a current ratio of 1.39. The stock has a market cap of $50.40 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 0.55 and a beta of 1.53. ArcelorMittal has a fifty-two week low of $29.86 and a fifty-two week high of $72.50.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.04. The business had revenue of $15.46 billion for the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.05 EPS. As a group, analysts expect that ArcelorMittal will post 4.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MT. KeyCorp began coverage on ArcelorMittal in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Weiss Ratings raised ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Wells Fargo & Company raised their target price on ArcelorMittal from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to an “underweight” rating in a research note on Monday, March 9th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $61.07.

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.