ArcelorMittal $MT Stock: Retirement Systems of Alabama Cuts Position

Retirement Systems of Alabama lessened its position in ArcelorMittal (NYSE:MT) by 24.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 510,281 shares of the basic materials company’s stock after selling 163,869 shares during the quarter. Retirement Systems of Alabama’s holdings in ArcelorMittal were worth $34,056,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MT. Dimensional Fund Advisors LP boosted its holdings in ArcelorMittal by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock valued at $168,008,000 after acquiring an additional 11,503 shares during the period. Maple Rock Capital Partners Inc. boosted its holdings in ArcelorMittal by 54.9% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock valued at $131,934,000 after acquiring an additional 776,595 shares during the period. Quantinno Capital Management LP grew its position in ArcelorMittal by 11.7% in the 1st quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock valued at $17,461,000 after acquiring an additional 35,298 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in ArcelorMittal by 1,317.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 75,105 shares of the basic materials company’s stock valued at $3,904,000 after acquiring an additional 69,805 shares in the last quarter. Finally, ABC Arbitrage SA acquired a new position in ArcelorMittal in the 1st quarter valued at about $3,819,000. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Stock Up 2.3%

Shares of NYSE MT opened at $65.69 on Wednesday. The stock has a market cap of $50.91 billion, a P/E ratio of 17.59, a PEG ratio of 0.76 and a beta of 1.55. The company has a current ratio of 1.41, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. ArcelorMittal has a 12-month low of $38.67 and a 12-month high of $79.68. The business’s fifty day simple moving average is $66.94 and its 200-day simple moving average is $64.06.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 5th. The basic materials company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.35. ArcelorMittal had a return on equity of 4.89% and a net margin of 1.64%. The firm had revenue of $16.47 billion during the quarter, compared to analyst estimates of $17.77 billion. During the same period last year, the business posted $0.62 earnings per share. ArcelorMittal’s revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts predict that ArcelorMittal will post 3.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, September 23rd. Deutsche Bank Aktiengesellschaft set a $79.00 price objective on shares of ArcelorMittal and gave the company a “buy” rating in a research note on Monday, October 5th. Morgan Stanley initiated coverage on shares of ArcelorMittal in a research note on Monday, August 24th. They issued an “overweight” rating and a $82.00 price objective for the company. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Thursday, October 15th. Finally, Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Tuesday, August 4th. Eight investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $74.55.

ArcelorMittal Profile

ArcelorMittal is a global steel and mining company that produces steel products for customers across industries including automotive, construction, energy, appliances and packaging. Its offerings include flat and long steel products, as well as iron ore and metallurgical coal used in steelmaking. The company operates across the Americas, Europe and other regions, combining mining and steelmaking activities with research and product development. ArcelorMittal was formed in 2006 through the merger of Arcelor and Mittal Steel.