Royal Bank of Canada reduced its position in shares of ArcelorMittal (NYSE:MT – Free Report) by 46.5% in the 1st quarter, HoldingsChannel reports. The firm owned 441,068 shares of the basic materials company’s stock after selling 383,460 shares during the period. Royal Bank of Canada’s holdings in ArcelorMittal were worth $22,927,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in shares of ArcelorMittal by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock worth $168,008,000 after buying an additional 11,503 shares in the last quarter. Maple Rock Capital Partners Inc. lifted its holdings in shares of ArcelorMittal by 42.4% in the 4th quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock valued at $74,306,000 after buying an additional 485,400 shares during the period. UBS Group AG lifted its holdings in shares of ArcelorMittal by 405.2% in the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock valued at $42,706,000 after buying an additional 947,532 shares during the period. Bank of America Corp DE boosted its stake in shares of ArcelorMittal by 15.6% in the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after buying an additional 128,045 shares in the last quarter. Finally, Senator Investment Group LP purchased a new stake in shares of ArcelorMittal in the fourth quarter valued at approximately $26,431,000. Institutional investors and hedge funds own 9.29% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the company. Jefferies Financial Group reiterated a “buy” rating on shares of ArcelorMittal in a research report on Monday, July 6th. Wells Fargo & Company boosted their target price on shares of ArcelorMittal from $62.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Morgan Stanley reaffirmed an “overweight” rating on shares of ArcelorMittal in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $75.00 price target on shares of ArcelorMittal in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Six 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, ArcelorMittal presently has an average rating of “Moderate Buy” and a consensus price target of $72.40.
ArcelorMittal Stock Performance
Shares of MT opened at $75.46 on Thursday. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The stock has a market cap of $58.48 billion, a P/E ratio of 31.97, a PEG ratio of 0.57 and a beta of 1.53. The company has a 50-day moving average of $66.42 and a two-hundred day moving average of $61.26. ArcelorMittal has a 12-month low of $31.06 and a 12-month high of $75.66.
ArcelorMittal Company Profile
ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.
ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.
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