Connor Clark & Lunn Investment Management Ltd. increased its position in shares of ArcelorMittal S.A. (NYSE:MT - Free Report) by 90.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 622,335 shares of the basic materials company's stock after purchasing an additional 295,682 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of ArcelorMittal worth $16,343,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sei Investments Co. grew its position in shares of ArcelorMittal by 24.1% during the first quarter. Sei Investments Co. now owns 18,281 shares of the basic materials company's stock worth $504,000 after acquiring an additional 3,553 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new position in ArcelorMittal during the 1st quarter worth $36,406,000. Robotti Robert purchased a new position in ArcelorMittal during the 1st quarter worth $1,435,000. Bayesian Capital Management LP purchased a new position in ArcelorMittal during the 1st quarter worth $314,000. Finally, Trust Co. of Toledo NA OH grew its position in ArcelorMittal by 5.6% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 26,135 shares of the basic materials company's stock worth $599,000 after purchasing an additional 1,395 shares during the last quarter. Institutional investors and hedge funds own 9.88% of the company's stock.
ArcelorMittal Stock Up 0.7 %
MT traded up $0.17 during trading on Thursday, hitting $25.25. The company had a trading volume of 178,949 shares, compared to its average volume of 1,605,870. ArcelorMittal S.A. has a 1-year low of $20.52 and a 1-year high of $29.01. The business has a 50-day moving average of $24.66 and a 200-day moving average of $24.01. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16.
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. The company had revenue of $15.20 billion for the quarter, compared to analysts' expectations of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The firm's revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.10 earnings per share. On average, equities analysts anticipate that ArcelorMittal S.A. will post 2.99 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on MT. Deutsche Bank Aktiengesellschaft raised shares of ArcelorMittal from a "hold" rating to a "buy" rating and lifted their target price for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. Bank of America raised shares of ArcelorMittal from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Barclays upgraded shares of ArcelorMittal from an "equal weight" rating to an "overweight" rating in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. lowered shares of ArcelorMittal from an "overweight" rating to a "neutral" rating in a research report on Friday, October 11th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, ArcelorMittal currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.17.
Read Our Latest Stock Report on ArcelorMittal
About ArcelorMittal
(
Free Report)
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.
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