ArcelorMittal $MT Shares Sold by Royal Bank of Canada

Royal Bank of Canada lessened its position in shares of ArcelorMittal (NYSE:MT) by 46.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 441,068 shares of the basic materials company’s stock after selling 383,460 shares during the quarter. Royal Bank of Canada owned about 0.06% of ArcelorMittal worth $22,927,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MT. AQR Capital Management LLC raised its holdings in ArcelorMittal by 75.0% in the 1st quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock valued at $982,000 after buying an additional 14,593 shares during the period. Geneos Wealth Management Inc. boosted its stake in ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after buying an additional 501 shares during the period. Cetera Investment Advisers purchased a new position in ArcelorMittal during the second quarter worth about $232,000. Russell Investments Group Ltd. increased its position in shares of ArcelorMittal by 9.4% during the second quarter. Russell Investments Group Ltd. now owns 37,029 shares of the basic materials company’s stock valued at $1,169,000 after acquiring an additional 3,171 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of ArcelorMittal by 268.6% during the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock valued at $76,000 after acquiring an additional 1,765 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research note on Tuesday. Wells Fargo & Company lifted their price objective on ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $75.00 price objective on shares of ArcelorMittal in a report on Friday, July 31st. Weiss Ratings restated a “buy (b-)” rating on shares of ArcelorMittal in a report on Friday, July 31st. Finally, Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.40.

ArcelorMittal Trading Up 0.3%

Shares of NYSE:MT opened at $75.46 on Thursday. ArcelorMittal has a 52 week low of $31.06 and a 52 week high of $75.66. The company’s 50 day moving average is $66.42 and its two-hundred day moving average is $61.26. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The company has a market cap of $58.48 billion, a PE ratio of 31.97, a P/E/G ratio of 0.57 and a beta of 1.53.

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.