ArcelorMittal S.A. (NYSE:MT) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp cut its stake in shares of ArcelorMittal S.A. (NYSE:MT - Free Report) by 10.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 202,942 shares of the basic materials company's stock after selling 22,478 shares during the period. Van ECK Associates Corp's holdings in ArcelorMittal were worth $5,329,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Maple Rock Capital Partners Inc. purchased a new position in shares of ArcelorMittal in the 1st quarter valued at $36,406,000. Bank of New York Mellon Corp grew its stake in shares of ArcelorMittal by 2,038.3% in the second quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company's stock valued at $18,858,000 after buying an additional 783,965 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of ArcelorMittal during the 2nd quarter valued at about $12,679,000. MMCAP International Inc. SPC boosted its holdings in ArcelorMittal by 103.4% in the 1st quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company's stock worth $17,950,000 after acquiring an additional 330,820 shares during the period. Finally, Mediolanum International Funds Ltd purchased a new stake in shares of ArcelorMittal during the third quarter valued at approximately $3,042,000. 9.88% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Stock Performance

NYSE:MT traded down $0.43 during trading hours on Friday, reaching $26.08. 1,494,731 shares of the stock were exchanged, compared to its average volume of 1,606,030. ArcelorMittal S.A. has a 52 week low of $20.52 and a 52 week high of $29.01. The company has a quick ratio of 0.66, a current ratio of 1.53 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $21.00 billion, a P/E ratio of -38.12, a P/E/G ratio of 0.54 and a beta of 1.77. The firm has a 50 day simple moving average of $24.13 and a 200-day simple moving average of $24.03.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. The firm had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 6.00%. The firm's revenue was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.10 earnings per share. As a group, sell-side analysts forecast that ArcelorMittal S.A. will post 3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

ArcelorMittal 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.