Oppenheimer Asset Management Inc. Acquires 34,688 Shares of ArcelorMittal S.A. (NYSE:MT)

Oppenheimer Asset Management Inc. boosted its stake in shares of ArcelorMittal S.A. (NYSE:MT) by 154.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 57,106 shares of the basic materials company’s stock after buying an additional 34,688 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in ArcelorMittal were worth $1,500,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Blue Trust Inc. grew its stake in shares of ArcelorMittal by 1,820.0% during the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 1,911 shares during the period. Mather Group LLC. boosted its position in ArcelorMittal by 1,388.6% during the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock worth $51,000 after purchasing an additional 2,069 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of ArcelorMittal by 298.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock worth $54,000 after purchasing an additional 1,771 shares in the last quarter. CWM LLC raised its position in shares of ArcelorMittal by 378.2% in the second quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock valued at $113,000 after purchasing an additional 3,899 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of ArcelorMittal during the 2nd quarter valued at approximately $156,000. Institutional investors own 9.88% of the company’s stock.

ArcelorMittal Stock Performance

Shares of MT opened at $25.27 on Monday. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $24.46 and a 200-day moving average price of $24.02. The company has a market cap of $20.35 billion, a PE ratio of -17.92, a price-to-earnings-growth ratio of 0.49 and a beta of 1.77. ArcelorMittal S.A. has a 12-month low of $20.52 and a 12-month high of $29.01.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.10 EPS. As a group, equities analysts forecast that ArcelorMittal S.A. will post 2.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MT shares. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their target price for the company from $30.00 to $32.90 in a report on Thursday. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a “hold” rating to a “buy” rating and raised their target price for the stock from $29.00 to $31.00 in a research note on Wednesday, August 28th. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Finally, Barclays upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal 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.