ArcelorMittal $MT Stake Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in shares of ArcelorMittal (NYSE:MT) by 4.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,295,265 shares of the basic materials company’s stock after selling 108,758 shares during the period. Bank of New York Mellon Corp owned about 0.28% of ArcelorMittal worth $72,484,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in ArcelorMittal by 4.5% in the 2nd quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock worth $232,000 after purchasing an additional 318 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of ArcelorMittal by 4.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,438 shares of the basic materials company’s stock valued at $272,000 after buying an additional 362 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of ArcelorMittal by 3.0% in the 1st quarter. Evergreen Capital Management LLC now owns 14,097 shares of the basic materials company’s stock valued at $407,000 after buying an additional 405 shares in the last quarter. US Bancorp DE increased its holdings in ArcelorMittal by 2.7% in the first quarter. US Bancorp DE now owns 15,496 shares of the basic materials company’s stock worth $447,000 after buying an additional 411 shares during the last quarter. Finally, Bayforest Capital Ltd raised its position in ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock valued at $62,000 after acquiring an additional 440 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Stock Performance

NYSE:MT opened at $39.18 on Monday. The firm has a market capitalization of $32.10 billion, a PE ratio of 12.09, a PEG ratio of 0.17 and a beta of 1.72. ArcelorMittal has a 1 year low of $21.59 and a 1 year high of $41.28. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. The firm’s fifty day simple moving average is $36.92 and its 200 day simple moving average is $33.58.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The company had revenue of $15.66 billion during the quarter, compared to analysts’ expectations of $15.88 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.63 earnings per share. On average, sell-side analysts anticipate that ArcelorMittal will post 3.72 EPS for the current year.

Analyst Upgrades and Downgrades

MT has been the subject of several recent research reports. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Barclays cut shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. Wall Street Zen lowered ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $34.95.

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.