JPMorgan Chase & Co. lowered its holdings in ArcelorMittal (NYSE:MT) by 89.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 191,091 shares of the basic materials company’s stock after selling 1,580,732 shares during the quarter. JPMorgan Chase & Co.’s holdings in ArcelorMittal were worth $4,344,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Marshall Wace North America L.P. acquired a new position in ArcelorMittal in the first quarter worth $4,632,000. Morgan Stanley boosted its stake in ArcelorMittal by 55.5% in the first quarter. Morgan Stanley now owns 2,270,841 shares of the basic materials company’s stock worth $18,961,000 after purchasing an additional 810,291 shares in the last quarter. Jane Street Group LLC boosted its stake in ArcelorMittal by 775.6% in the first quarter. Jane Street Group LLC now owns 2,127,765 shares of the basic materials company’s stock worth $17,767,000 after purchasing an additional 1,884,765 shares in the last quarter. First Trust Advisors LP acquired a new position in ArcelorMittal in the first quarter worth $555,000. Finally, Two Sigma Securities LLC acquired a new position in ArcelorMittal in the first quarter worth $196,000. 3.57% of the stock is currently owned by institutional investors.
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Several brokerages have recently issued reports on MT. Deutsche Bank AG raised ArcelorMittal from a “hold” rating to a “buy” rating and upped their price target for the company from $25.00 to $32.00 in a research note on Wednesday, July 12th. BidaskClub raised ArcelorMittal from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Cowen and Company reaffirmed a “buy” rating and set a $32.00 price target on shares of ArcelorMittal in a research note on Wednesday, July 19th. Zacks Investment Research lowered ArcelorMittal from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 7th. Finally, ING Group raised ArcelorMittal from a “hold” rating to a “buy” rating in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $30.77.
Shares of ArcelorMittal (MT) opened at 26.71 on Friday. ArcelorMittal has a 12-month low of $18.24 and a 12-month high of $28.11. The company has a 50-day moving average price of $26.45 and a 200-day moving average price of $24.30. The company has a market cap of $27.24 billion, a P/E ratio of 8.40 and a beta of 2.10.
ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, July 27th. The basic materials company reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.55. The firm had revenue of $17.24 billion for the quarter, compared to the consensus estimate of $16.88 billion. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS. On average, analysts predict that ArcelorMittal will post $3.14 earnings per share for the current year.
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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