ArcelorMittal SA (MT) Shares Bought by Renaissance Technologies LLC
Renaissance Technologies LLC grew its stake in ArcelorMittal SA (NYSE:MT) by 92.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 820,401 shares of the basic materials company’s stock after buying an additional 393,607 shares during the period. Renaissance Technologies LLC owned 0.08% of ArcelorMittal worth $23,815,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. BlueMountain Capital Management LLC acquired a new stake in ArcelorMittal during the 2nd quarter worth $1,035,000. FMR LLC boosted its stake in ArcelorMittal by 6.7% during the 2nd quarter. FMR LLC now owns 2,895,387 shares of the basic materials company’s stock worth $83,329,000 after purchasing an additional 181,968 shares during the period. PNC Financial Services Group Inc. boosted its stake in ArcelorMittal by 7.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 46,167 shares of the basic materials company’s stock worth $1,329,000 after purchasing an additional 3,036 shares during the period. BlackRock Inc. boosted its stake in ArcelorMittal by 2.7% during the 2nd quarter. BlackRock Inc. now owns 89,829 shares of the basic materials company’s stock worth $2,586,000 after purchasing an additional 2,364 shares during the period. Finally, Standard Life Aberdeen plc acquired a new stake in ArcelorMittal during the 2nd quarter worth $13,311,000. Institutional investors and hedge funds own 3.38% of the company’s stock.
A number of brokerages recently weighed in on MT. Credit Suisse Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, August 8th. ValuEngine upgraded shares of ArcelorMittal from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Deutsche Bank restated a “buy” rating on shares of ArcelorMittal in a research note on Monday, June 4th. Jefferies Financial Group restated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, June 6th. Finally, Citigroup restated a “buy” rating on shares of ArcelorMittal in a research note on Thursday, July 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $38.33.
ArcelorMittal (NYSE:MT) last released its earnings results on Wednesday, August 1st. The basic materials company reported $1.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.55 by $0.28. ArcelorMittal had a net margin of 7.11% and a return on equity of 12.62%. The company had revenue of $20 billion during the quarter, compared to analysts’ expectations of $20.25 billion. During the same quarter last year, the business earned $1.29 EPS. The business’s revenue was up 16.0% on a year-over-year basis. research analysts expect that ArcelorMittal SA will post 5.59 EPS for the current year.
ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.
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