Legacy Wealth Asset Management LLC Acquires New Position in ArcelorMittal S.A. (NYSE:MT)

Legacy Wealth Asset Management LLC bought a new position in shares of ArcelorMittal S.A. (NYSE:MT) during the 3rd quarter, Holdings Channel reports. The firm bought 26,179 shares of the basic materials company’s stock, valued at approximately $687,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BNP Paribas Financial Markets purchased a new stake in shares of ArcelorMittal during the first quarter worth about $2,705,000. Envestnet Asset Management Inc. increased its holdings in shares of ArcelorMittal by 61.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 85,710 shares of the basic materials company’s stock worth $1,965,000 after buying an additional 32,469 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of ArcelorMittal by 24.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,115 shares of the basic materials company’s stock worth $117,000 after buying an additional 818 shares during the period. Blue Trust Inc. boosted its holdings in ArcelorMittal by 1,820.0% in the second 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. Finally, AQR Capital Management LLC purchased a new stake in ArcelorMittal during the second quarter valued at about $571,000. 9.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on MT. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $29.00 to $31.00 in a research note on Wednesday, August 28th. Finally, Barclays upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $30.30.

ArcelorMittal Stock Up 0.8 %

Shares of NYSE:MT opened at $24.03 on Friday. The firm has a market cap of $19.35 billion, a PE ratio of -35.34, a price-to-earnings-growth ratio of 0.52 and a beta of 1.77. The company has a fifty day simple moving average of $23.83 and a 200 day simple moving average of $24.16. The company has a current ratio of 1.53, a quick ratio of 0.66 and a debt-to-equity ratio of 0.16. ArcelorMittal S.A. has a 12-month low of $20.52 and a 12-month high of $29.01.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.49). ArcelorMittal had a positive return on equity of 6.00% and a negative net margin of 0.93%. The firm had revenue of $16.25 billion during the quarter, compared to analyst estimates of $16.32 billion. During the same quarter last year, the business posted $2.20 earnings per share. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. On average, equities research analysts anticipate that ArcelorMittal S.A. will post 3 EPS for the current fiscal year.

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.