SummitTX Capital L.P. Sells 73,339 Shares of ArcelorMittal $MT

SummitTX Capital L.P. decreased its stake in shares of ArcelorMittal (NYSE:MT) by 48.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 78,457 shares of the basic materials company’s stock after selling 73,339 shares during the quarter. SummitTX Capital L.P.’s holdings in ArcelorMittal were worth $4,078,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of MT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of ArcelorMittal during the 4th quarter valued at $44,000. Allworth Financial LP boosted its stake in ArcelorMittal by 91.5% during the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock worth $51,000 after acquiring an additional 538 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in ArcelorMittal by 126.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 640 shares during the period. Geneos Wealth Management Inc. grew 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 worth $47,000 after purchasing an additional 501 shares during the period. Finally, Atlas Capital Advisors Inc. bought a new stake in ArcelorMittal in the fourth quarter valued at $92,000. Institutional investors own 9.29% of the company’s stock.

Analyst Upgrades and Downgrades

MT has been the topic of several research reports. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Santander downgraded ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $70.00 target price on shares of ArcelorMittal in a research report on Tuesday, July 7th. Wells Fargo & Company upped their price target on ArcelorMittal from $61.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $68.40.

ArcelorMittal Stock Performance

Shares of MT stock opened at $67.61 on Tuesday. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $65.63 and a two-hundred day simple moving average of $60.14. ArcelorMittal has a 12 month low of $30.17 and a 12 month high of $72.50. The firm has a market capitalization of $52.39 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 0.51 and a beta of 1.55.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. The firm had revenue of $15.46 billion for the quarter, compared to analyst estimates of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the firm earned $1.05 earnings per share. Analysts forecast that ArcelorMittal will post 4.89 EPS for the current fiscal 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.