Castle Hook Partners LP Takes $5.96 Million Position in ArcelorMittal $MT

Castle Hook Partners LP bought a new stake in shares of ArcelorMittal (NYSE:MT) in the 4th quarter, Holdings Channel reports. The firm bought 130,669 shares of the basic materials company’s stock, valued at approximately $5,955,000.

Several other large investors have also recently made changes to their positions in MT. AQR Capital Management LLC lifted its holdings in shares of ArcelorMittal by 75.0% during the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock valued at $982,000 after purchasing an additional 14,593 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of ArcelorMittal by 44.2% during 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. Cetera Investment Advisers purchased a new position in shares of ArcelorMittal during the second quarter valued at approximately $232,000. Russell Investments Group Ltd. lifted its holdings in shares of ArcelorMittal by 9.4% during the second quarter. Russell Investments Group Ltd. now owns 37,029 shares of the basic materials company’s stock valued at $1,169,000 after purchasing an additional 3,171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of ArcelorMittal by 268.6% during the second 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 during the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MT has been the subject of several recent research reports. Wells Fargo & Company lifted their target price on shares of ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. KeyCorp initiated coverage on shares of ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. Weiss Ratings upgraded shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Santander lowered shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Finally, Citigroup restated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ArcelorMittal currently has a consensus rating of “Hold” and an average target price of $61.07.

ArcelorMittal Price Performance

Shares of NYSE MT opened at $65.04 on Thursday. ArcelorMittal has a twelve month low of $29.86 and a twelve month high of $72.50. The firm has a market cap of $50.40 billion, a P/E ratio of 17.07, a PEG ratio of 0.55 and a beta of 1.53. The company has a 50 day moving average of $63.60 and a 200 day moving average of $56.36. The company has a quick ratio of 0.54, a current ratio of 1.39 and a debt-to-equity ratio of 0.19.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates 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 previous year, the business earned $1.05 EPS. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, research analysts expect that ArcelorMittal will post 4.69 EPS for the current fiscal year.

About ArcelorMittal

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.