NewEdge Advisors LLC Acquires 8,607 Shares of ArcelorMittal $MT

NewEdge Advisors LLC grew its holdings in ArcelorMittal (NYSE:MT) by 67.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,359 shares of the basic materials company’s stock after buying an additional 8,607 shares during the quarter. NewEdge Advisors LLC’s holdings in ArcelorMittal were worth $1,110,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Cetera Investment Advisers grew its holdings in ArcelorMittal by 1.0% during the 4th quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock worth $838,000 after acquiring an additional 190 shares during the last quarter. TD Waterhouse Canada Inc. raised its stake in shares of ArcelorMittal by 11.2% in the fourth quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock worth $98,000 after acquiring an additional 216 shares during the last quarter. Aaron Wealth Advisors LLC raised its stake in shares of ArcelorMittal by 4.9% in the first quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company’s stock worth $295,000 after acquiring an additional 263 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of ArcelorMittal by 16.4% during the fourth quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock worth $112,000 after purchasing an additional 346 shares in the last quarter. Finally, GC Wealth Management RIA LLC lifted its position in shares of ArcelorMittal by 4.2% during the first quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company’s stock worth $529,000 after purchasing an additional 413 shares in the last quarter. 9.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a report on Tuesday, August 4th. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Wells Fargo & Company increased their price objective on ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $75.00 target price on shares of ArcelorMittal in a research report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $72.40.

ArcelorMittal Price Performance

Shares of NYSE MT opened at $73.86 on Tuesday. ArcelorMittal has a 52-week low of $31.93 and a 52-week high of $75.66. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43. The stock has a market cap of $57.24 billion, a P/E ratio of 31.30, a P/E/G ratio of 0.55 and a beta of 1.53. The firm has a 50 day moving average price of $67.03 and a 200 day moving average price of $62.49.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The firm had revenue of $16.76 billion for the quarter, compared to the consensus estimate of $17.56 billion. During the same period in the prior year, the business earned $1.32 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Analysts expect that ArcelorMittal will post 4.49 EPS for the current 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.