Wealth Enhancement Advisory Services LLC Sells 4,677 Shares of ArcelorMittal (NYSE:MT)

Wealth Enhancement Advisory Services LLC decreased its stake in shares of ArcelorMittal (NYSE:MT) by 18.2% during the first quarter, Holdings Channel reports. The firm owned 21,013 shares of the basic materials company’s stock after selling 4,677 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in ArcelorMittal were worth $606,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in shares of ArcelorMittal by 31.1% during the 1st quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company’s stock worth $55,000 after acquiring an additional 456 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of ArcelorMittal by 76.2% during the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company’s stock worth $113,000 after acquiring an additional 2,110 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of ArcelorMittal by 76.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock worth $137,000 after acquiring an additional 2,586 shares during the last quarter. Callan Family Office LLC purchased a new position in shares of ArcelorMittal during the 4th quarter worth $207,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of ArcelorMittal by 23.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company’s stock worth $210,000 after acquiring an additional 1,702 shares during the last quarter. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Price Performance

MT stock opened at $32.64 on Friday. ArcelorMittal has a 12 month low of $20.52 and a 12 month high of $34.90. The company has a current ratio of 1.35, a quick ratio of 0.58 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $30.73 and a 200 day moving average price of $28.17. The stock has a market cap of $26.74 billion, a PE ratio of 21.33, a P/E/G ratio of 0.15 and a beta of 1.63.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.33. The firm had revenue of $14.80 billion during the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a net margin of 1.98% and a return on equity of 4.11%. The firm’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 EPS. Equities research analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Cuts Dividend

The firm also recently declared a dividend, which was paid on Wednesday, June 11th. Stockholders of record on Monday, May 19th were issued a $0.2338 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a dividend yield of 1.44%. ArcelorMittal’s dividend payout ratio is currently 30.72%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Jefferies Financial Group downgraded shares of ArcelorMittal from a “buy” rating to a “hold” rating and set a $36.20 price objective on the stock. in a research report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a research report on Monday, April 14th. Finally, The Goldman Sachs Group upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and raised their price objective for the company from $29.00 to $31.70 in a research report on Thursday, April 10th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $32.95.

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.