First Trust Advisors LP Boosts Stock Position in ArcelorMittal $MT

First Trust Advisors LP increased its holdings in ArcelorMittal (NYSE:MT) by 275.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 55,311 shares of the basic materials company’s stock after purchasing an additional 40,593 shares during the period. First Trust Advisors LP’s holdings in ArcelorMittal were worth $2,875,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Cetera Investment Advisers grew its stake in shares of ArcelorMittal by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock worth $838,000 after buying an additional 190 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of ArcelorMittal by 11.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock worth $98,000 after buying an additional 216 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in shares of ArcelorMittal by 4.9% during the 1st quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company’s stock valued at $295,000 after buying an additional 263 shares in the last quarter. Parallel Advisors LLC raised its position in shares of ArcelorMittal by 16.4% during the 4th quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock valued at $112,000 after buying an additional 346 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its holdings in shares of ArcelorMittal by 6.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 7,143 shares of the basic materials company’s stock valued at $326,000 after acquiring an additional 448 shares during the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on MT shares. JPMorgan Chase & Co. upgraded ArcelorMittal from an “underweight” rating to a “neutral” rating in a research report on Friday, July 10th. Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research report on Wednesday. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $75.00 target price on shares of ArcelorMittal in a report on Friday, July 31st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of ArcelorMittal in a research report on Friday, July 31st. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.40.

ArcelorMittal Stock Down 2.7%

Shares of NYSE:MT opened at $73.28 on Friday. ArcelorMittal has a 1 year low of $31.93 and a 1 year high of $75.66. The business has a 50 day simple moving average of $66.49 and a two-hundred day simple moving average of $61.43. The firm has a market capitalization of $56.80 billion, a PE ratio of 31.05, a price-to-earnings-growth ratio of 0.57 and a beta of 1.53. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57.

ArcelorMittal Company Profile

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.