Bank of Montreal Can Increases Stock Position in ArcelorMittal S.A. (NYSE:MT)

Bank of Montreal Can grew its holdings in shares of ArcelorMittal S.A. (NYSE:MT - Free Report) by 23.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 174,995 shares of the basic materials company's stock after purchasing an additional 32,834 shares during the period. Bank of Montreal Can's holdings in ArcelorMittal were worth $4,543,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of MT. Blue Trust Inc. raised its stake in ArcelorMittal by 1,820.0% during the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company's stock valued at $46,000 after purchasing an additional 1,911 shares during the last quarter. Mather Group LLC. increased its position in ArcelorMittal by 1,388.6% in the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company's stock worth $51,000 after purchasing an additional 2,069 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in ArcelorMittal by 298.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company's stock worth $54,000 after acquiring an additional 1,771 shares during the period. CWM LLC grew its stake in shares of ArcelorMittal by 378.2% during the second quarter. CWM LLC now owns 4,930 shares of the basic materials company's stock worth $113,000 after purchasing an additional 3,899 shares during the period. Finally, SG Americas Securities LLC acquired a new position in ArcelorMittal during the second quarter valued at approximately $156,000. Institutional investors and hedge funds own 9.88% of the company's stock.

ArcelorMittal Price Performance

NYSE MT traded down $0.45 during trading hours on Wednesday, reaching $24.79. 1,315,864 shares of the stock traded hands, compared to its average volume of 1,602,366. The company has a market cap of $19.96 billion, a price-to-earnings ratio of -17.58, a price-to-earnings-growth ratio of 0.61 and a beta of 1.74. 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 1 year low of $20.52 and a 1 year high of $29.01. The stock has a 50 day simple moving average of $24.92 and a two-hundred day simple moving average of $23.95.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The company had revenue of $15.20 billion for the quarter, compared to the consensus estimate of $15.11 billion. During the same period in the previous year, the firm earned $1.10 earnings per share. The firm's revenue for the quarter was down 8.5% on a year-over-year basis. On average, analysts predict that ArcelorMittal S.A. will post 3.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MT has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a "hold" rating to a "buy" rating and upped their price objective for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Bank of America raised ArcelorMittal from a "neutral" rating to a "buy" rating and upped their price objective for the company from $30.00 to $32.90 in a report on Thursday, November 14th. Barclays raised ArcelorMittal from an "equal weight" rating to an "overweight" rating in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an "overweight" rating to a "neutral" rating in a research report on Friday, October 11th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, ArcelorMittal has an average 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.