NewEdge Advisors LLC Acquires 8,607 Shares of ArcelorMittal $MT

NewEdge Advisors LLC boosted its stake in shares of ArcelorMittal (NYSE:MT) by 67.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 21,359 shares of the basic materials company’s stock after buying an additional 8,607 shares during the period. NewEdge Advisors LLC’s holdings in ArcelorMittal were worth $1,110,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Glenmede Trust Co. NA boosted its holdings in shares of ArcelorMittal by 6.3% in the first quarter. Glenmede Trust Co. NA now owns 10,314 shares of the basic materials company’s stock valued at $536,000 after buying an additional 610 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of ArcelorMittal by 28.6% during the first quarter. EverSource Wealth Advisors LLC now owns 4,580 shares of the basic materials company’s stock worth $238,000 after acquiring an additional 1,019 shares in the last quarter. Recurrent Investment Advisors LLC raised its holdings in shares of ArcelorMittal by 5.0% during the first quarter. Recurrent Investment Advisors LLC now owns 15,403 shares of the basic materials company’s stock worth $801,000 after acquiring an additional 734 shares during the period. Quantinno Capital Management LP raised its holdings in shares of ArcelorMittal by 11.7% during the first quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock worth $17,461,000 after acquiring an additional 35,298 shares during the period. Finally, GC Wealth Management RIA LLC lifted its position in ArcelorMittal by 4.2% in the 1st quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company’s stock valued at $529,000 after acquiring an additional 413 shares in the last quarter. Institutional investors own 9.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings lowered shares of ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $75.00 price target on shares of ArcelorMittal in a report on Friday, July 31st. Jefferies Financial Group reiterated a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Finally, Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a research report on Wednesday, August 5th. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, ArcelorMittal has a consensus rating of “Hold” and an average price target of $72.40.

ArcelorMittal Price Performance

NYSE:MT opened at $73.86 on Tuesday. ArcelorMittal has a 1-year low of $31.93 and a 1-year high of $75.66. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The firm has a fifty day simple moving average of $67.03 and a 200 day simple moving average of $62.49. The stock has a market capitalization of $57.24 billion, a PE ratio of 31.30, a P/E/G ratio of 0.55 and a beta of 1.53.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The firm had revenue of $16.76 billion for the quarter, compared to analyst estimates of $17.56 billion. During the same quarter in the previous year, the firm posted $1.32 earnings per share. ArcelorMittal’s quarterly revenue was up 5.2% on a year-over-year basis. On average, research analysts expect that ArcelorMittal will post 4.49 EPS for the current fiscal year.

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.