Van ECK Associates Corp boosted its stake in ArcelorMittal (NYSE:MT) by 44.3% during the fourth quarter, Holdings Channel reports. The fund owned 1,707,854 shares of the company’s stock after buying an additional 524,217 shares during the period. Van ECK Associates Corp’s holdings in ArcelorMittal were worth $12,467,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of the company. Advisor Partners LLC bought a new position in shares of ArcelorMittal during the third quarter worth $115,000. Suntrust Banks Inc. bought a new position in shares of ArcelorMittal during the third quarter worth $181,000. FNY Partners Fund LP bought a new position in shares of ArcelorMittal during the fourth quarter worth $182,000. BB&T Corp bought a new position in shares of ArcelorMittal during the third quarter worth $217,000. Finally, Tower Research Capital LLC TRC raised its position in shares of ArcelorMittal by 1,556.3% in the third quarter. Tower Research Capital LLC TRC now owns 43,063 shares of the company’s stock worth $260,000 after buying an additional 40,463 shares in the last quarter. 3.46% of the stock is currently owned by institutional investors and hedge funds.
Shares of ArcelorMittal (NYSE:MT) traded down 1.74% during trading on Tuesday, reaching $9.06. 13,365,688 shares of the company’s stock traded hands. The stock has a 50-day moving average of $7.96 and a 200-day moving average of $6.97. The company has a market capitalization of $27.71 billion, a price-to-earnings ratio of 14.61 and a beta of 2.06. ArcelorMittal has a 1-year low of $3.03 and a 1-year high of $9.29.
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MT has been the topic of a number of research reports. Royal Bank Of Canada raised shares of ArcelorMittal from a “sector perform” rating to an “outperform” rating in a research note on Friday, November 25th. Commerzbank Ag upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating in a report on Wednesday, January 18th. Credit Suisse Group set a $10.00 price objective on shares of ArcelorMittal and gave the company a “buy” rating in a report on Wednesday, November 9th. Zacks Investment Research upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and set a $8.50 price objective for the company in a report on Thursday, December 1st. Finally, Citigroup Inc. reiterated a “buy” rating on shares of ArcelorMittal in a report on Tuesday, November 15th. Seven research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $6.36.
ArcelorMittal Company Profile
ArcelorMittal SA is a Luxembourg- based holding company. It is an integrated steel and mining company. It operates through five segments: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS) and Mining. The NAFTA segment produces flat, long and tubular products. The Brazil segment includes the flat operations of Brazil, and the long and tubular operations of Brazil and neighboring countries.
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