ArcelorMittal $MT Shares Purchased by Bayforest Capital Ltd

Bayforest Capital Ltd boosted its holdings in shares of ArcelorMittal (NYSE:MT) by 34.7% in the second quarter, HoldingsChannel.com reports. The fund owned 3,095 shares of the basic materials company’s stock after buying an additional 797 shares during the quarter. Bayforest Capital Ltd’s holdings in ArcelorMittal were worth $98,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Telemark Asset Management LLC purchased a new position in shares of ArcelorMittal during the 1st quarter worth approximately $11,540,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in ArcelorMittal by 22.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company’s stock valued at $54,021,000 after buying an additional 337,158 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in ArcelorMittal during the first quarter worth $5,263,000. Auto Owners Insurance Co acquired a new position in shares of ArcelorMittal in the first quarter worth $3,940,000. Finally, OLD Mission Capital LLC lifted its position in shares of ArcelorMittal by 20.1% in the first quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company’s stock valued at $23,507,000 after acquiring an additional 136,443 shares in the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

ArcelorMittal Price Performance

MT stock opened at $38.48 on Friday. The stock has a 50-day moving average price of $35.45 and a two-hundred day moving average price of $32.19. The company has a market cap of $31.53 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 0.17 and a beta of 1.69. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 12-month low of $21.59 and a 12-month high of $41.28.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.01). The firm had revenue of $15.93 billion for the quarter, compared to analysts’ expectations of $15.48 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 EPS. As a group, research analysts predict that ArcelorMittal will post 3.72 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MT. Weiss Ratings reissued a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Wells Fargo & Company raised shares of ArcelorMittal to a “hold” rating in a research report on Thursday, August 14th. Finally, Barclays lowered shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, July 16th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, ArcelorMittal presently has a consensus rating of “Hold” and a consensus price target of $33.45.

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.