Assetmark Inc. Sells 71,017 Shares of ArcelorMittal S.A. (NYSE:MT)

Assetmark Inc. trimmed its position in shares of ArcelorMittal S.A. (NYSE:MT - Free Report) by 95.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,175 shares of the basic materials company's stock after selling 71,017 shares during the quarter. Assetmark Inc.'s holdings in ArcelorMittal were worth $83,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MT. Seascape Capital Management raised its position in ArcelorMittal by 7.4% during the 3rd quarter. Seascape Capital Management now owns 26,170 shares of the basic materials company's stock worth $687,000 after purchasing an additional 1,812 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of ArcelorMittal in the 3rd quarter valued at about $642,000. Legacy Wealth Asset Management LLC acquired a new stake in shares of ArcelorMittal in the third quarter valued at about $687,000. Mediolanum International Funds Ltd bought a new position in shares of ArcelorMittal during the third quarter worth about $3,042,000. Finally, International Assets Investment Management LLC acquired a new position in shares of ArcelorMittal in the third quarter worth approximately $4,430,000. 9.88% of the stock is currently owned by institutional investors.

ArcelorMittal Stock Up 1.1 %

Shares of MT stock traded up $0.29 on Monday, reaching $25.56. 1,561,229 shares of the company were exchanged, compared to its average volume of 1,614,440. The company has a 50-day moving average of $24.46 and a 200-day moving average of $24.02. The company has a market cap of $20.58 billion, a price-to-earnings ratio of -17.92, a PEG ratio of 0.49 and a beta of 1.77. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. ArcelorMittal S.A. has a one year low of $20.52 and a one year high of $29.01.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.11 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. ArcelorMittal's revenue for the quarter was down 8.5% on a year-over-year basis. Analysts anticipate that ArcelorMittal S.A. will post 2.99 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Bank of America upgraded shares of ArcelorMittal from a "neutral" rating to a "buy" rating and boosted their target price for the company from $30.00 to $32.90 in a report on Thursday. JPMorgan Chase & Co. downgraded ArcelorMittal from an "overweight" rating to a "neutral" rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a "hold" rating to a "buy" rating and raised their target price for the stock from $29.00 to $31.00 in a research note on Wednesday, August 28th. Finally, Barclays upgraded ArcelorMittal from an "equal weight" rating to an "overweight" rating in a report on Monday, August 19th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, ArcelorMittal has a consensus rating of "Moderate Buy" and a consensus target price of $31.17.

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.