Legacy Wealth Asset Management LLC Makes New Investment in ArcelorMittal S.A. (NYSE:MT)

Legacy Wealth Asset Management LLC acquired a new stake in shares of ArcelorMittal S.A. (NYSE:MT - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 26,179 shares of the basic materials company's stock, valued at approximately $687,000.

Other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. increased its position 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 period. Mather Group LLC. boosted its holdings in shares of ArcelorMittal by 1,388.6% during the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company's stock valued at $51,000 after buying an additional 2,069 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 valued at $54,000 after buying an additional 1,771 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of ArcelorMittal during the 1st quarter valued at $71,000. Finally, CWM LLC boosted its holdings in shares of ArcelorMittal by 378.2% during the 2nd quarter. CWM LLC now owns 4,930 shares of the basic materials company's stock valued at $113,000 after buying an additional 3,899 shares in the last quarter. 9.88% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Stock Up 0.8 %

ArcelorMittal stock traded up $0.18 during mid-day trading on Friday, reaching $24.02. The stock had a trading volume of 1,745,462 shares, compared to its average volume of 1,494,215. The company has a market capitalization of $19.34 billion, a price-to-earnings ratio of -35.32, a PEG ratio of 0.52 and a beta of 1.77. The company has a 50-day moving average price of $23.87 and a two-hundred day moving average price of $24.16. ArcelorMittal S.A. has a one year low of $20.52 and a one year high of $29.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.53 and a quick ratio of 0.66.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.12 by ($0.49). The firm had revenue of $16.25 billion during the quarter, compared to the consensus estimate of $16.32 billion. ArcelorMittal had a positive return on equity of 6.00% and a negative net margin of 0.93%. The business's revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.20 EPS. On average, analysts expect that ArcelorMittal S.A. will post 3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MT shares. JPMorgan Chase & Co. cut shares of ArcelorMittal from an "overweight" rating to a "neutral" rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a "hold" rating to a "buy" rating and boosted their target price for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. Finally, Barclays upgraded shares of ArcelorMittal from an "equal weight" rating to an "overweight" rating in a report on Monday, August 19th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $30.30.

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.