Shelton Capital Management cut its stake in shares of ArcelorMittal (NYSE:MT) by 10.0% during the first quarter, Holdings Channel reports. The institutional investor owned 237,291 shares of the basic materials company’s stock after selling 26,379 shares during the period. Shelton Capital Management’s holdings in ArcelorMittal were worth $1,981,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC acquired a new position in shares of ArcelorMittal during the first quarter valued at $110,000. Iron Financial LLC raised its position in shares of ArcelorMittal by 50.0% in the first quarter. Iron Financial LLC now owns 15,000 shares of the basic materials company’s stock valued at $125,000 after buying an additional 5,000 shares in the last quarter. US Bancorp DE raised its position in shares of ArcelorMittal by 14.2% in the first quarter. US Bancorp DE now owns 15,540 shares of the basic materials company’s stock valued at $129,000 after buying an additional 1,934 shares in the last quarter. MAVEN SECURITIES Ltd acquired a new position in shares of ArcelorMittal during the first quarter valued at $139,000. Finally, Baird Financial Group Inc. raised its position in shares of ArcelorMittal by 15.8% in the fourth quarter. Baird Financial Group Inc. now owns 16,715 shares of the basic materials company’s stock valued at $122,000 after buying an additional 2,286 shares in the last quarter. Institutional investors and hedge funds own 9.60% of the company’s stock.
ArcelorMittal (NYSE MT) traded up 1.44% during midday trading on Monday, reaching $20.41. 11,237,527 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $22.15 and its 200 day moving average price is $23.93. The firm has a market cap of $20.81 billion, a price-to-earnings ratio of 6.77 and a beta of 2.10. ArcelorMittal has a 1-year low of $12.54 and a 1-year high of $28.11.
ArcelorMittal (NYSE:MT) last posted its earnings results on Friday, May 12th. The basic materials company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.18. ArcelorMittal had a net margin of 5.38% and a return on equity of 10.08%. The firm had revenue of $16.09 billion during the quarter, compared to analyst estimates of $16.81 billion. During the same quarter in the prior year, the business posted ($0.69) EPS. The business’s revenue was up 20.1% compared to the same quarter last year. Equities research analysts anticipate that ArcelorMittal will post $2.93 EPS for the current year.
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Several brokerages recently weighed in on MT. Bank of America Corporation lowered shares of ArcelorMittal from a “buy” rating to an “underperform” rating in a report on Tuesday, June 6th. ValuEngine lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a report on Tuesday, May 23rd. Credit Suisse Group set a $45.00 price objective on shares of ArcelorMittal and gave the company a “buy” rating in a report on Saturday, March 25th. Macquarie upgraded shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, May 25th. Finally, J P Morgan Chase & Co upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $25.20 to $25.32 in a report on Friday, March 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $26.39.
ArcelorMittal Company Profile
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.
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