Marnell Management LLC Makes New Investment in ArcelorMittal $MT

Marnell Management LLC acquired a new stake in shares of ArcelorMittal (NYSE:MT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 14,888 shares of the basic materials company’s stock, valued at approximately $678,000.

Several other hedge funds have also recently made changes to their positions in MT. Maple Rock Capital Partners Inc. purchased a new position in shares of ArcelorMittal during the third quarter valued at approximately $41,399,000. UBS Group AG raised its holdings in shares of ArcelorMittal by 405.2% during 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 during the last quarter. Retirement Systems of Alabama purchased a new position in shares of ArcelorMittal during the fourth quarter valued at approximately $30,721,000. Man Group plc purchased a new position in shares of ArcelorMittal during the third quarter valued at approximately $11,720,000. Finally, Balyasny Asset Management L.P. raised its holdings in shares of ArcelorMittal by 202.2% during the third quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock valued at $13,339,000 after purchasing an additional 246,904 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut shares of ArcelorMittal from an “overweight” rating to an “underweight” rating in a report on Monday, March 9th. KeyCorp assumed coverage on shares of ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a report on Tuesday, February 17th. Finally, Santander cut shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.07.

ArcelorMittal Stock Down 0.1%

Shares of MT stock opened at $70.77 on Monday. The company has a 50 day simple moving average of $62.73 and a two-hundred day simple moving average of $55.84. The stock has a market cap of $54.84 billion, a P/E ratio of 18.57, a P/E/G ratio of 0.57 and a beta of 1.53. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. ArcelorMittal has a 12 month low of $29.80 and a 12 month high of $72.50.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The company had revenue of $15.46 billion during the quarter, compared to analyst estimates of $17.04 billion. During the same period in the prior year, the firm posted $1.05 EPS. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, research analysts expect that ArcelorMittal will post 4.69 earnings per share for the current year.

ArcelorMittal 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.