Raymond James Financial Inc. Acquires New Shares in ArcelorMittal S.A. (NYSE:MT)

Raymond James Financial Inc. bought a new position in shares of ArcelorMittal S.A. (NYSE:MT) during the 4th quarter, Holdings Channel.com reports. The firm bought 120,051 shares of the basic materials company’s stock, valued at approximately $2,777,000.

Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its stake in shares of ArcelorMittal by 221.3% in the fourth quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company’s stock worth $78,712,000 after buying an additional 2,344,020 shares during the last quarter. FMR LLC lifted its position in ArcelorMittal by 46.7% during the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after acquiring an additional 419,465 shares during the last quarter. ABC Arbitrage SA bought a new stake in ArcelorMittal during the fourth quarter valued at about $9,895,000. JB Capital Partners LP grew its position in shares of ArcelorMittal by 17.1% in the third quarter. JB Capital Partners LP now owns 205,000 shares of the basic materials company’s stock valued at $5,383,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of ArcelorMittal by 23.1% in the third quarter. Bank of Montreal Can now owns 174,995 shares of the basic materials company’s stock worth $4,543,000 after purchasing an additional 32,834 shares during the period. 9.29% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Stock Performance

MT opened at $28.81 on Friday. The stock has a market cap of $23.60 billion, a PE ratio of 17.46, a P/E/G ratio of 0.14 and a beta of 1.79. ArcelorMittal S.A. has a 1 year low of $20.52 and a 1 year high of $34.90. The stock’s 50 day simple moving average is $28.60 and its 200-day simple moving average is $25.74. The company has a current ratio of 1.35, a quick ratio of 0.59 and a debt-to-equity ratio of 0.17.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.31%. Sell-side analysts forecast that ArcelorMittal S.A. will post 3.72 EPS for the current year.

ArcelorMittal Announces Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Thursday, November 13th will be paid a dividend of $0.275 per share. This represents a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, November 12th. ArcelorMittal’s dividend payout ratio is 27.88%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MT. Morgan Stanley lowered ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday, February 14th. Jefferies Financial Group lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating and set a $36.20 target price on the stock. in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $32.43.

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.