GK Wealth Management LLC Makes New $408,000 Investment in ArcelorMittal $MT

GK Wealth Management LLC bought a new position in ArcelorMittal (NYSE:MT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,780 shares of the basic materials company’s stock, valued at approximately $408,000.

A number of other institutional investors also recently modified their holdings of MT. Dimensional Fund Advisors LP increased its stake in shares of ArcelorMittal by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock worth $168,008,000 after acquiring an additional 11,503 shares during the last quarter. Maple Rock Capital Partners Inc. boosted its position in ArcelorMittal by 42.4% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock valued at $74,306,000 after purchasing an additional 485,400 shares during the last quarter. UBS Group AG grew its stake in ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock valued at $42,706,000 after purchasing an additional 947,532 shares in the last quarter. Bank of America Corp DE grew its stake in ArcelorMittal by 15.6% in the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after purchasing an additional 128,045 shares in the last quarter. Finally, Senator Investment Group LP acquired a new position in ArcelorMittal in the 4th quarter worth about $26,431,000. Institutional investors and hedge funds own 9.29% of the company’s stock.

Wall Street Analyst Weigh In

MT has been the subject of several research reports. JPMorgan Chase & Co. upgraded ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of ArcelorMittal in a report on Friday. Wells Fargo & Company raised their price objective on shares of ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $75.00 target price on shares of ArcelorMittal in a research note on Friday. Finally, Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Tuesday. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.40.

ArcelorMittal Price Performance

Shares of NYSE:MT opened at $75.21 on Wednesday. ArcelorMittal has a fifty-two week low of $30.75 and a fifty-two week high of $75.43. The business has a 50-day moving average of $66.28 and a two-hundred day moving average of $61.07. The stock has a market capitalization of $58.29 billion, a P/E ratio of 31.87, a P/E/G ratio of 0.55 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.