Pzena Investment Management LLC Decreases Stock Holdings in ArcelorMittal $MT

Pzena Investment Management LLC lessened its stake in shares of ArcelorMittal (NYSE:MT) by 46.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,409 shares of the basic materials company’s stock after selling 16,066 shares during the quarter. Pzena Investment Management LLC’s holdings in ArcelorMittal were worth $957,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in shares of ArcelorMittal by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,220,992 shares of the basic materials company’s stock valued at $146,780,000 after purchasing an additional 49,614 shares during the last quarter. Maple Rock Capital Partners Inc. boosted its holdings in ArcelorMittal by 42.4% in the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock worth $74,306,000 after purchasing an additional 485,400 shares during the last quarter. UBS Group AG grew its position 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 purchasing an additional 947,532 shares during the period. Bank of America Corp DE raised its stake in ArcelorMittal by 15.6% during the 3rd quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after buying an additional 128,045 shares during the last quarter. Finally, Retirement Systems of Alabama purchased a new stake in ArcelorMittal during the 4th quarter valued at $30,721,000. 9.29% of the stock is currently owned by institutional investors.

ArcelorMittal Trading Up 7.0%

Shares of MT stock opened at $63.38 on Friday. ArcelorMittal has a 1 year low of $30.17 and a 1 year high of $72.50. The firm has a fifty day moving average price of $63.91 and a 200-day moving average price of $57.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. The company has a market cap of $49.12 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 0.48 and a beta of 1.55.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.72 by $0.04. The firm had revenue of $15.46 billion during the quarter, compared to analyst estimates of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.ArcelorMittal’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 EPS. As a group, equities analysts predict that ArcelorMittal will post 4.72 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 20th. Wells Fargo & Company upped their price objective on ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Weiss Ratings raised ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. KeyCorp assumed coverage on ArcelorMittal in a research report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Finally, Santander downgraded ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $61.07.

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.