116,317 Shares in ArcelorMittal S.A. (NYSE:MT) Bought by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd purchased a new position in ArcelorMittal S.A. (NYSE:MT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 116,317 shares of the basic materials company's stock, valued at approximately $3,042,000.

A number of other hedge funds have also recently made changes to their positions in MT. Blue Trust Inc. boosted its stake in ArcelorMittal by 1,820.0% in the second quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 1,911 shares in the last quarter. Mather Group LLC. boosted its position in shares of ArcelorMittal by 1,388.6% in the 2nd 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 in the last quarter. Allspring Global Investments Holdings LLC grew its stake 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 buying an additional 1,771 shares during the last quarter. Headlands Technologies LLC acquired a new position in ArcelorMittal during the 1st quarter valued at about $71,000. Finally, CWM LLC raised its stake in ArcelorMittal by 378.2% in the second 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 during the last quarter. 9.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MT has been the topic of a number of research analyst reports. Barclays upgraded ArcelorMittal from an "equal weight" rating to an "overweight" rating in a research note on Monday, August 19th. JPMorgan Chase & Co. cut shares of ArcelorMittal from an "overweight" rating to a "neutral" rating in a report on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a "hold" rating to a "buy" rating and upped their target price for the company from $29.00 to $31.00 in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, ArcelorMittal has a consensus rating of "Hold" and an average target price of $30.30.

ArcelorMittal Stock Performance

NYSE MT traded up $0.18 during trading hours 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. ArcelorMittal S.A. has a 52-week low of $20.52 and a 52-week high of $29.01. The stock has a fifty day moving average of $23.87 and a 200 day moving average of $24.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.66 and a current ratio of 1.53. The stock has a market cap of $19.34 billion, a P/E ratio of -35.32, a price-to-earnings-growth ratio of 0.52 and a beta of 1.77.

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

ArcelorMittal Company Profile

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.