Bank of New York Mellon Corp Sells 108,758 Shares of ArcelorMittal $MT

Bank of New York Mellon Corp decreased its stake in shares of ArcelorMittal (NYSE:MT) by 4.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 2,295,265 shares of the basic materials company’s stock after selling 108,758 shares during the quarter. Bank of New York Mellon Corp’s holdings in ArcelorMittal were worth $72,484,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of ArcelorMittal by 22.0% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company’s stock valued at $54,021,000 after purchasing an additional 337,158 shares during the period. OLD Mission Capital LLC increased its holdings in ArcelorMittal by 20.1% in 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 buying an additional 136,443 shares during the period. ABC Arbitrage SA raised its stake in shares of ArcelorMittal by 31.0% in the 1st quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company’s stock valued at $16,165,000 after buying an additional 132,535 shares in the last quarter. Telemark Asset Management LLC acquired a new position in shares of ArcelorMittal in the 1st quarter valued at $11,540,000. Finally, American Century Companies Inc. lifted its holdings in shares of ArcelorMittal by 0.5% during the 1st quarter. American Century Companies Inc. now owns 282,224 shares of the basic materials company’s stock worth $8,142,000 after acquiring an additional 1,386 shares during the period. Institutional investors and hedge funds own 9.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays cut shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 16th. Wall Street Zen lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday. Wells Fargo & Company reaffirmed a “cautious” rating and issued a $39.00 price target (up previously from $33.00) on shares of ArcelorMittal in a research note on Thursday, October 23rd. Finally, The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, ArcelorMittal presently has a consensus rating of “Hold” and an average price target of $34.95.

ArcelorMittal Stock Performance

NYSE:MT opened at $39.18 on Monday. The stock has a market capitalization of $32.10 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 0.17 and a beta of 1.72. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 1 year low of $21.59 and a 1 year high of $41.28. The firm has a 50 day moving average of $36.92 and a 200-day moving average of $33.58.

ArcelorMittal (NYSE:MT) last released 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 return on equity of 4.99% and a net margin of 4.11%.The firm had revenue of $15.66 billion during the quarter, compared to analysts’ expectations of $15.88 billion. During the same period last year, the firm posted $0.63 EPS. The business’s revenue was up 3.0% on a year-over-year basis. As a group, sell-side analysts anticipate that ArcelorMittal will post 3.72 EPS for the current fiscal year.

About ArcelorMittal

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.