Eagle Asset Management Inc. Boosts Stock Position in ArcelorMittal S.A. (NYSE:MT)

Eagle Asset Management Inc. grew its holdings in shares of ArcelorMittal S.A. (NYSE:MT) by 11.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,008 shares of the basic materials company’s stock after buying an additional 1,615 shares during the quarter. Eagle Asset Management Inc.’s holdings in ArcelorMittal were worth $418,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. boosted its stake in ArcelorMittal by 1,820.0% during the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 1,911 shares during the last quarter. Mather Group LLC. raised its stake in shares of ArcelorMittal by 1,388.6% in the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 2,069 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in 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 increased its holdings in 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 buying an additional 3,899 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in ArcelorMittal in the second quarter valued at about $156,000. Institutional investors and hedge funds own 9.88% of the company’s stock.

ArcelorMittal Stock Performance

MT stock opened at $24.86 on Tuesday. ArcelorMittal S.A. has a 1 year low of $20.52 and a 1 year high of $29.01. The stock has a market capitalization of $20.02 billion, a price-to-earnings ratio of -17.63, a PEG ratio of 0.61 and a beta of 1.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. The stock’s fifty day moving average is $24.81 and its two-hundred day moving average is $24.00.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The firm had revenue of $15.20 billion during the quarter, compared to analyst estimates of $15.11 billion. During the same period in the previous year, the business posted $1.10 EPS. ArcelorMittal’s revenue was down 8.5% on a year-over-year basis. On average, research analysts predict that ArcelorMittal S.A. will post 2.99 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and raised their price target for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Finally, Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $30.00 to $32.90 in a research report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.17.

About ArcelorMittal

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.