ArcelorMittal (MT) Stake Cut by Jennison Associates LLC
Jennison Associates LLC lowered its stake in shares of ArcelorMittal (NYSE:MT) by 65.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,327 shares of the basic materials company’s stock after selling 30,943 shares during the period. Jennison Associates LLC’s holdings in ArcelorMittal were worth $371,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MT. Bank of Montreal Can increased its position in ArcelorMittal by 7.8% in the first quarter. Bank of Montreal Can now owns 22,020 shares of the basic materials company’s stock valued at $184,000 after buying an additional 1,599 shares during the period. Profund Advisors LLC increased its position in ArcelorMittal by 51.0% in the first quarter. Profund Advisors LLC now owns 127,974 shares of the basic materials company’s stock valued at $1,069,000 after buying an additional 43,197 shares during the period. Wetherby Asset Management Inc. increased its position in ArcelorMittal by 2.1% in the first quarter. Wetherby Asset Management Inc. now owns 38,550 shares of the basic materials company’s stock valued at $322,000 after buying an additional 783 shares during the period. Commerzbank Aktiengesellschaft FI increased its position in ArcelorMittal by 389.0% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 142,932 shares of the basic materials company’s stock valued at $1,193,000 after buying an additional 113,705 shares during the period. Finally, First Trust Advisors LP bought a new position in ArcelorMittal during the first quarter valued at approximately $555,000. 3.57% of the stock is owned by institutional investors and hedge funds.
Shares of ArcelorMittal (NYSE MT) opened at 26.68 on Thursday. The company has a 50-day moving average of $25.70 and a 200-day moving average of $24.29. The stock has a market capitalization of $27.21 billion, a price-to-earnings ratio of 8.40 and a beta of 2.09. ArcelorMittal has a 52-week low of $16.14 and a 52-week high of $28.11.
ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.55. ArcelorMittal had a net margin of 5.50% and a return on equity of 10.52%. The business had revenue of $17.24 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s quarterly revenue was up 17.0% on a year-over-year basis. Equities research analysts anticipate that ArcelorMittal will post $3.07 EPS for the current year.
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Several research analysts have commented on MT shares. TheStreet raised shares of ArcelorMittal from a “c” rating to a “b-” rating in a report on Monday, May 15th. Cowen and Company reissued a “buy” rating and set a $11.00 price objective on shares of ArcelorMittal in a report on Friday, May 19th. UBS AG raised shares of ArcelorMittal from a “sell” rating to a “neutral” rating in a report on Tuesday, May 23rd. ValuEngine downgraded shares of ArcelorMittal from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Finally, Macquarie raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. ArcelorMittal has an average rating of “Buy” and a consensus price target of $29.72.
ArcelorMittal Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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