ArcelorMittal $MT Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. reduced its position in ArcelorMittal (NYSE:MT) by 6.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,754,971 shares of the basic materials company’s stock after selling 117,506 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.21% of ArcelorMittal worth $55,422,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Telemark Asset Management LLC acquired a new stake in ArcelorMittal in the first quarter valued at $11,540,000. Cubist Systematic Strategies LLC acquired a new stake in ArcelorMittal in the 1st quarter valued at about $5,263,000. Auto Owners Insurance Co acquired a new stake in ArcelorMittal in the 1st quarter valued at about $3,940,000. OLD Mission Capital LLC increased its holdings in ArcelorMittal by 20.1% during the 1st quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company’s stock valued at $23,507,000 after acquiring an additional 136,443 shares in the last quarter. Finally, ABC Arbitrage SA raised its position in ArcelorMittal by 31.0% during the first quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company’s stock worth $16,165,000 after acquiring an additional 132,535 shares during the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Price Performance

ArcelorMittal stock opened at $39.18 on Friday. ArcelorMittal has a 1 year low of $21.59 and a 1 year high of $41.28. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. The firm has a 50 day moving average price of $36.92 and a 200 day moving average price of $33.55. The company has a market cap of $32.10 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 0.17 and a beta of 1.72.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The company had revenue of $15.66 billion for the quarter, compared to analyst estimates of $15.88 billion. During the same quarter last year, the business earned $0.63 EPS. ArcelorMittal’s revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts predict that ArcelorMittal will post 3.72 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MT shares. Wells Fargo & Company reissued a “cautious” rating and set a $39.00 price objective (up from $33.00) on shares of ArcelorMittal in a research note on Thursday, October 23rd. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Barclays cut ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $34.95.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.