Posted by admin on Aug 10th, 2022

New York State Common Retirement Fund cut its stake in shares of ArcelorMittal S.A. (NYSE:MT – Get Rating) by 40.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 220,672 shares of the basic materials company’s stock after selling 146,829 shares during the period. New York State Common Retirement Fund’s holdings in ArcelorMittal were worth $7,064,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Prospera Financial Services Inc purchased a new position in ArcelorMittal during the first quarter valued at approximately $45,000. Pinnacle Private Wealth LLC bought a new position in ArcelorMittal during the fourth quarter worth $201,000. Shilanski & Associates Inc. increased its position in ArcelorMittal by 12.6% during the first quarter. Shilanski & Associates Inc. now owns 7,983 shares of the basic materials company’s stock worth $256,000 after acquiring an additional 891 shares during the period. Brinker Capital Investments LLC increased its position in ArcelorMittal by 5.5% during the fourth quarter. Brinker Capital Investments LLC now owns 10,285 shares of the basic materials company’s stock worth $327,000 after acquiring an additional 534 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in ArcelorMittal during the fourth quarter worth $385,000. 41.79% of the stock is owned by institutional investors and hedge funds.

MT opened at $24.94 on Wednesday. The firm’s 50-day simple moving average is $25.03 and its 200-day simple moving average is $28.82. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.68 and a current ratio of 1.58. ArcelorMittal S.A. has a twelve month low of $20.86 and a twelve month high of $37.87. The firm has a market cap of $23.39 billion, a price-to-earnings ratio of 1.50 and a beta of 1.95.

ArcelorMittal (NYSE:MT – Get Rating) last issued its quarterly earnings data on Wednesday, July 27th. The basic materials company reported $4.24 EPS for the quarter, topping analysts’ consensus estimates of $4.19 by $0.05. ArcelorMittal had a net margin of 19.66% and a return on equity of 31.17%. The firm had revenue of $22.14 billion for the quarter, compared to analyst estimates of $21.75 billion. During the same quarter in the prior year, the firm earned $3.46 EPS. The company’s revenue was up 14.5% on a year-over-year basis. Equities research analysts anticipate that ArcelorMittal S.A. will post 12.41 EPS for the current fiscal year.

Several brokerages have issued reports on MT. StockNews.com lowered shares of ArcelorMittal from a “strong-buy” rating to a “buy” rating in a report on Friday, July 29th. UBS Group lowered their price target on shares of ArcelorMittal from €38.00 ($38.78) to €27.00 ($27.55) in a report on Tuesday, July 26th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of ArcelorMittal from €38.00 ($38.78) to €37.00 ($37.76) in a report on Monday, August 1st. Morgan Stanley boosted their price target on shares of ArcelorMittal from €46.00 ($46.94) to €46.10 ($47.04) and gave the company an “overweight” rating in a report on Thursday, June 23rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of ArcelorMittal from €30.50 ($31.12) to €31.00 ($31.63) in a report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.35.

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in Europe, North and South America, Asia, and Africa. Its principal steel products include 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, which includes blooms and billets; finished long products, including bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.

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