Senator Investment Group LP Invests $26.43 Million in ArcelorMittal $MT

Senator Investment Group LP bought a new position in ArcelorMittal (NYSE:MT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 580,000 shares of the basic materials company’s stock, valued at approximately $26,431,000. Senator Investment Group LP owned approximately 0.07% of ArcelorMittal at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. MML Investors Services LLC grew its position in shares of ArcelorMittal by 51.7% in the 4th quarter. MML Investors Services LLC now owns 21,093 shares of the basic materials company’s stock worth $961,000 after acquiring an additional 7,193 shares in the last quarter. Mariner LLC grew its position in shares of ArcelorMittal by 4.5% in the 4th quarter. Mariner LLC now owns 35,674 shares of the basic materials company’s stock worth $1,625,000 after acquiring an additional 1,537 shares in the last quarter. Marnell Management LLC acquired a new position in shares of ArcelorMittal in the 4th quarter worth approximately $678,000. Impala Asset Management LLC acquired a new position in shares of ArcelorMittal in the 4th quarter worth approximately $7,281,000. Finally, Barclays PLC grew its position in shares of ArcelorMittal by 6,420.9% in the 4th quarter. Barclays PLC now owns 11,542 shares of the basic materials company’s stock worth $526,000 after acquiring an additional 11,365 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Stock Down 2.3%

MT opened at $69.20 on Tuesday. ArcelorMittal has a one year low of $29.86 and a one year 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. The stock’s fifty day moving average is $63.06 and its 200-day moving average is $56.03. The company has a market capitalization of $53.63 billion, a PE ratio of 18.16, a P/E/G ratio of 0.57 and a beta of 1.53.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, topping 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 company had revenue of $15.46 billion for the quarter, compared to the consensus estimate of $17.04 billion. During the same quarter in the previous year, the business earned $1.05 EPS. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities analysts predict that ArcelorMittal will post 4.69 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Santander lowered ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. KeyCorp initiated coverage on ArcelorMittal in a research report on Wednesday, March 25th. They set a “sector weight” rating for the company. JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Finally, Wells Fargo & Company boosted their price objective on ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $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.