ArcelorMittal $MT Stake Lowered by Impala Asset Management LLC

Impala Asset Management LLC cut its stake in ArcelorMittal (NYSE:MT) by 30.2% during the first quarter, HoldingsChannel reports. The fund owned 110,887 shares of the basic materials company’s stock after selling 47,979 shares during the quarter. ArcelorMittal comprises approximately 2.6% of Impala Asset Management LLC’s holdings, making the stock its 12th biggest position. Impala Asset Management LLC’s holdings in ArcelorMittal were worth $5,671,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MT. First Trust Advisors LP grew its stake in ArcelorMittal by 275.8% in the first quarter. First Trust Advisors LP now owns 55,311 shares of the basic materials company’s stock valued at $2,875,000 after purchasing an additional 40,593 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of ArcelorMittal by 11.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,741 shares of the basic materials company’s stock worth $610,000 after purchasing an additional 1,251 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ArcelorMittal by 0.4% during 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 purchasing an additional 11,503 shares in the last quarter. Assetmark Inc. raised its stake in shares of ArcelorMittal by 57.4% during the 1st quarter. Assetmark Inc. now owns 5,033 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 1,836 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of ArcelorMittal during the 1st quarter valued at about $207,000. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Stock Performance

MT opened at $66.52 on Thursday. The company has a market cap of $51.55 billion, a PE ratio of 17.46, a price-to-earnings-growth ratio of 0.50 and a beta of 1.55. The stock has a 50-day moving average of $65.34 and a 200-day moving average of $59.72. ArcelorMittal has a 52-week low of $30.17 and a 52-week high of $72.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.54 and a current ratio of 1.39.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business had revenue of $15.46 billion for the quarter, compared to the consensus estimate of $17.04 billion. During the same period last year, the business earned $1.05 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts forecast that ArcelorMittal will post 4.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on MT. KeyCorp assumed coverage on ArcelorMittal in a research note on Wednesday, March 25th. They issued a “sector weight” rating for the company. Santander lowered shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Finally, Wells Fargo & Company increased their price target on shares of ArcelorMittal from $61.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Six 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 currently has an average rating of “Moderate Buy” and an average target price of $68.40.

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.