First Trust Advisors LP Buys 40,593 Shares of ArcelorMittal $MT

First Trust Advisors LP increased its stake in ArcelorMittal (NYSE:MT) by 275.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,311 shares of the basic materials company’s stock after buying an additional 40,593 shares during the period. First Trust Advisors LP’s holdings in ArcelorMittal were worth $2,875,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC bought a new position in ArcelorMittal in the 4th quarter worth about $1,126,000. Carrera Capital Advisors bought a new stake in shares of ArcelorMittal during the fourth quarter valued at approximately $4,673,000. BW Gestao de Investimentos Ltda. bought a new stake in shares of ArcelorMittal during the fourth quarter valued at approximately $9,114,000. Impala Asset Management LLC purchased a new stake in shares of ArcelorMittal in the fourth quarter valued at approximately $7,281,000. Finally, Marnell Management LLC purchased a new stake in shares of ArcelorMittal in the fourth quarter valued at approximately $678,000. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Stock Performance

Shares of NYSE:MT opened at $73.28 on Friday. The firm has a 50 day moving average of $66.49 and a 200 day moving average of $61.43. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $56.80 billion, a price-to-earnings ratio of 31.05, a price-to-earnings-growth ratio of 0.57 and a beta of 1.53. ArcelorMittal has a 52 week low of $31.93 and a 52 week high of $75.66.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a research note on Wednesday. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of ArcelorMittal in a research report on Friday, July 31st. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research report on Monday, July 6th. Finally, Wells Fargo & Company raised their price target on ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.40.

ArcelorMittal 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.