Bank of Montreal Can Buys 32,834 Shares of ArcelorMittal S.A. (NYSE:MT)

Bank of Montreal Can raised its stake in shares of ArcelorMittal S.A. (NYSE:MT) by 23.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 174,995 shares of the basic materials company’s stock after buying an additional 32,834 shares during the quarter. Bank of Montreal Can’s holdings in ArcelorMittal were worth $4,543,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Blue Trust Inc. increased its position in shares of ArcelorMittal by 1,820.0% during the second quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 1,911 shares in the last quarter. Mather Group LLC. increased its holdings in shares of ArcelorMittal by 1,388.6% in the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock worth $51,000 after purchasing an additional 2,069 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of ArcelorMittal by 298.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock worth $54,000 after purchasing an additional 1,771 shares during the last quarter. CWM LLC lifted its holdings in shares of ArcelorMittal by 378.2% during the second quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock valued at $113,000 after purchasing an additional 3,899 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of ArcelorMittal during the second quarter valued at $156,000. 9.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MT shares. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Barclays upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and lifted their target price for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Stock Down 1.1 %

MT opened at $25.25 on Wednesday. The firm’s 50 day simple moving average is $24.91 and its two-hundred day simple moving average is $23.96. The company has a market capitalization of $20.33 billion, a PE ratio of -17.90, a PEG ratio of 0.61 and a beta of 1.74. ArcelorMittal S.A. has a 1-year low of $20.52 and a 1-year high of $29.01. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company had revenue of $15.20 billion for the quarter, compared to analysts’ expectations of $15.11 billion. During the same period last year, the firm earned $1.10 EPS. ArcelorMittal’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, equities analysts forecast that ArcelorMittal S.A. will post 3.02 EPS 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.