91,427 Shares in ArcelorMittal $MT Acquired by MMCAP International Inc. SPC

MMCAP International Inc. SPC acquired a new position in ArcelorMittal (NYSE:MT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 91,427 shares of the basic materials company’s stock, valued at approximately $4,166,000.

Several other institutional investors and hedge funds also recently bought and sold shares of MT. Maple Rock Capital Partners Inc. bought a new position in ArcelorMittal in the 3rd quarter worth approximately $41,399,000. UBS Group AG boosted its holdings in ArcelorMittal by 405.2% in the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after buying an additional 947,532 shares during the period. Retirement Systems of Alabama bought a new position in ArcelorMittal in the 4th quarter worth approximately $30,721,000. Man Group plc bought a new position in ArcelorMittal in the 3rd quarter worth approximately $11,720,000. Finally, Balyasny Asset Management L.P. boosted its holdings in ArcelorMittal by 202.2% in the 3rd quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock worth $13,339,000 after buying an additional 246,904 shares during the period. 9.29% of the stock is owned by institutional investors.

ArcelorMittal Stock Up 3.7%

Shares of NYSE:MT opened at $68.50 on Wednesday. The firm has a fifty day moving average price of $58.09 and a two-hundred day moving average price of $53.15. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. ArcelorMittal has a one year low of $29.76 and a one year high of $68.61. The company has a market cap of $53.09 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 0.53 and a beta of 1.48.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm had revenue of $15.46 billion during the quarter, compared to the consensus estimate of $17.04 billion. During the same period last year, the firm earned $1.05 EPS. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. Analysts anticipate that ArcelorMittal will post 4.69 EPS for the current fiscal year.

Analysts Set New Price Targets

MT has been the subject of several analyst reports. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Friday, February 6th. Jefferies Financial Group raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.10 to $73.20 in a report on Wednesday, February 11th. Morgan Stanley reaffirmed an “overweight” rating on shares of ArcelorMittal in a report on Tuesday, February 17th. Finally, Santander downgraded shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $61.07.

ArcelorMittal Company 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.