Posted by admin on Aug 10th, 2022

Envestnet Asset Management Inc. lowered its position in ArcelorMittal S.A. (NYSE:MT – Get Rating) by 3.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 226,208 shares of the basic materials company’s stock after selling 7,346 shares during the quarter. Envestnet Asset Management Inc.’s holdings in ArcelorMittal were worth $7,242,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bank of Montreal Can increased its position in ArcelorMittal by 212.5% during the 4th quarter. Bank of Montreal Can now owns 1,861,147 shares of the basic materials company’s stock worth $59,091,000 after purchasing an additional 1,265,669 shares in the last quarter. Dimensional Fund Advisors LP increased its position in ArcelorMittal by 16.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,691,160 shares of the basic materials company’s stock worth $85,659,000 after purchasing an additional 379,648 shares in the last quarter. Schonfeld Strategic Advisors LLC increased its position in ArcelorMittal by 19.5% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 767,307 shares of the basic materials company’s stock worth $24,424,000 after purchasing an additional 125,474 shares in the last quarter. Myriad Asset Management Ltd. increased its position in ArcelorMittal by 87.5% during the 4th quarter. Myriad Asset Management Ltd. now owns 218,301 shares of the basic materials company’s stock worth $6,949,000 after purchasing an additional 101,849 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in ArcelorMittal by 235.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 102,950 shares of the basic materials company’s stock worth $3,277,000 after purchasing an additional 72,231 shares in the last quarter. Hedge funds and other institutional investors own 41.79% of the company’s stock.

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

Shares of NYSE:MT opened at $24.94 on Wednesday. The company has a market cap of $23.39 billion, a P/E ratio of 1.50 and a beta of 1.95. 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 one year low of $20.86 and a one year high of $37.87. The business’s 50-day simple moving average is $25.03 and its 200 day simple moving average is $28.82.

ArcelorMittal (NYSE:MT – Get Rating) last announced its earnings results on Wednesday, July 27th. The basic materials company reported $4.24 EPS for the quarter, beating the consensus estimate of $4.19 by $0.05. The business had revenue of $22.14 billion for the quarter, compared to the consensus estimate of $21.75 billion. ArcelorMittal had a return on equity of 31.17% and a net margin of 19.66%. The company’s revenue was up 14.5% on a year-over-year basis. During the same period last year, the business posted $3.46 EPS. On average, sell-side analysts forecast that ArcelorMittal S.A. will post 12.41 earnings per share for the current fiscal year.

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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