Fmr LLC Purchases 1,499,755 Shares of ArcelorMittal (NYSE:MT)

Fmr LLC boosted its position in ArcelorMittal (NYSE:MT) by 20.8% in the second quarter, HoldingsChannel reports. The firm owned 8,724,023 shares of the basic materials company’s stock after buying an additional 1,499,755 shares during the quarter. Fmr LLC’s holdings in ArcelorMittal were worth $270,967,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in shares of ArcelorMittal by 2.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,559,791 shares of the basic materials company’s stock valued at $74,669,000 after acquiring an additional 68,890 shares during the period. Morgan Stanley grew its position in shares of ArcelorMittal by 67.1% during the 1st quarter. Morgan Stanley now owns 1,247,638 shares of the basic materials company’s stock valued at $36,393,000 after acquiring an additional 500,924 shares during the period. BlackRock Inc. grew its position in shares of ArcelorMittal by 383.3% during the 2nd quarter. BlackRock Inc. now owns 1,179,730 shares of the basic materials company’s stock valued at $36,642,000 after acquiring an additional 935,647 shares during the period. Goldman Sachs Group Inc. grew its position in shares of ArcelorMittal by 56.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,013,192 shares of the basic materials company’s stock valued at $29,555,000 after acquiring an additional 364,199 shares during the period. Finally, Maple Rock Capital Partners Inc. bought a new position in shares of ArcelorMittal during the 1st quarter valued at approximately $28,587,000. 6.79% of the stock is owned by institutional investors and hedge funds.

NYSE MT opened at $31.02 on Thursday. ArcelorMittal has a 1 year low of $13.40 and a 1 year high of $36.58. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.28 and a quick ratio of 0.57. The stock has a market capitalization of $32.04 billion, a PE ratio of 5.02, a P/E/G ratio of 1.70 and a beta of 1.99. The company’s 50 day simple moving average is $32.46 and its two-hundred day simple moving average is $31.61.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 29th. The basic materials company reported $3.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.70 by $0.76. The firm had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $19.67 billion. ArcelorMittal had a net margin of 11.49% and a return on equity of 15.22%. On average, research analysts anticipate that ArcelorMittal will post 12.56 EPS for the current year.

A number of research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of ArcelorMittal to a “buy” rating and increased their target price for the company from $47.00 to $55.00 in a research report on Wednesday, September 15th. They noted that the move was a valuation call. UBS Group restated a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 19th. KeyCorp upped their price target on shares of ArcelorMittal from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, July 30th. Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research note on Wednesday, September 29th. Finally, JPMorgan Chase & Co. restated an “overweight” rating on shares of ArcelorMittal in a research note on Wednesday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $37.47.

About ArcelorMittal

ArcelorMittal SA is a holding company, which engages in steelmaking and mining activities. It operates through the following business segments: NAFTA, Brazil, Europe, Africa and Commonwealth of Independent States (ACIS), Mining, and Others. The NAFTA segment consists of flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel, and plate.

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Institutional Ownership by Quarter for ArcelorMittal (NYSE:MT)

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