Connor Clark & Lunn Investment Management Ltd. Decreases Position in ArcelorMittal $MT

Connor Clark & Lunn Investment Management Ltd. decreased its position in ArcelorMittal (NYSE:MT) by 6.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,645,930 shares of the basic materials company’s stock after selling 109,041 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in ArcelorMittal were worth $59,500,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MT. State of Wyoming purchased a new position in ArcelorMittal in the 3rd quarter valued at about $36,000. Geneos Wealth Management Inc. boosted its holdings in ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 501 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in ArcelorMittal by 392.1% in the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock valued at $63,000 after purchasing an additional 1,396 shares during the last quarter. CWM LLC boosted its holdings in ArcelorMittal by 23.3% in the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock valued at $66,000 after purchasing an additional 345 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in ArcelorMittal by 268.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 1,765 shares in the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and raised their price target for the stock from $51.10 to $73.20 in a research report on Wednesday, February 11th. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to an “underweight” rating in a research note on Monday. Oddo Bhf raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a research report on Wednesday, January 14th. Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, January 21st. Finally, UBS Group downgraded ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, ArcelorMittal presently has an average rating of “Hold” and a consensus target price of $51.98.

ArcelorMittal Trading Down 0.3%

Shares of MT stock opened at $56.58 on Thursday. ArcelorMittal has a 1 year low of $23.19 and a 1 year high of $67.60. The firm has a market capitalization of $43.85 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 0.47 and a beta of 1.48. The stock has a fifty day moving average of $56.46 and a two-hundred day moving average of $45.27. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.30. ArcelorMittal had a net margin of 5.14% and a return on equity of 5.27%. The firm had revenue of $14.97 billion during the quarter, compared to analyst estimates of $15.56 billion. During the same quarter in the prior year, the firm posted $0.52 EPS. ArcelorMittal’s revenue was up 1.7% compared to the same quarter last year. As a group, research analysts expect that ArcelorMittal will post 3.72 EPS for the current year.

ArcelorMittal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Friday, November 13th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.60 annualized dividend and a yield of 1.1%. ArcelorMittal’s payout ratio is presently 12.44%.

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.