ABC Arbitrage SA Invests $9.90 Million in ArcelorMittal S.A. (NYSE:MT)

ABC Arbitrage SA acquired a new stake in shares of ArcelorMittal S.A. (NYSE:MT) during the fourth quarter, HoldingsChannel reports. The fund acquired 427,794 shares of the basic materials company’s stock, valued at approximately $9,895,000. ArcelorMittal makes up approximately 1.4% of ABC Arbitrage SA’s holdings, making the stock its 16th largest holding.

A number of other hedge funds also recently made changes to their positions in the stock. Geneos Wealth Management Inc. raised its position in shares of ArcelorMittal by 89.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 536 shares during the period. GAMMA Investing LLC raised its position in shares of ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after buying an additional 595 shares during the last quarter. Park Avenue Securities LLC purchased a new stake in ArcelorMittal in the 4th quarter worth $212,000. Janney Montgomery Scott LLC purchased a new stake in ArcelorMittal in the 4th quarter worth $233,000. Finally, Atria Investments Inc bought a new position in shares of ArcelorMittal during the 3rd quarter valued at approximately $244,000. 9.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MT shares. Morgan Stanley lowered shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $31.17.

ArcelorMittal Trading Down 0.5 %

NYSE MT opened at $28.58 on Friday. ArcelorMittal S.A. has a 12-month low of $20.52 and a 12-month high of $29.38. The stock has a market cap of $23.41 billion, a P/E ratio of 17.32, a P/E/G ratio of 0.56 and a beta of 1.74. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $24.26 and a two-hundred day simple moving average of $24.03.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.24% and a net margin of 2.14%. On average, analysts forecast that ArcelorMittal S.A. will post 3.6 earnings per share for the current year.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.