QRG Capital Management Inc. Has $4.54 Million Stake in ArcelorMittal $MT

QRG Capital Management Inc. grew its stake in shares of ArcelorMittal (NYSE:MT) by 63.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 99,543 shares of the basic materials company’s stock after buying an additional 38,818 shares during the period. QRG Capital Management Inc.’s holdings in ArcelorMittal were worth $4,536,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Maple Rock Capital Partners Inc. bought a new position in ArcelorMittal during the 3rd quarter worth approximately $41,399,000. UBS Group AG boosted its position in shares of ArcelorMittal by 405.2% during the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after purchasing an additional 947,532 shares in the last quarter. Retirement Systems of Alabama bought a new position in shares of ArcelorMittal during the fourth quarter worth $30,721,000. Man Group plc acquired a new position in shares of ArcelorMittal in the 3rd quarter valued at $11,720,000. Finally, Balyasny Asset Management L.P. increased its position in shares of ArcelorMittal by 202.2% in the 3rd quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock valued at $13,339,000 after buying an additional 246,904 shares in the last quarter. 9.29% of the stock is owned by institutional investors.

ArcelorMittal Stock Up 8.6%

NYSE:MT opened at $63.17 on Thursday. The stock has a 50-day simple moving average of $57.11 and a 200 day simple moving average of $50.72. ArcelorMittal has a 52-week low of $29.62 and a 52-week high of $67.60. The company has a market cap of $48.96 billion, a PE ratio of 16.58, a PEG ratio of 0.47 and a beta of 1.48. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.39.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, April 30th. The basic materials company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. The firm had revenue of $15.46 billion for the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 EPS. On average, sell-side analysts expect that ArcelorMittal will post 4.67 EPS for the current fiscal year.

ArcelorMittal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Friday, November 13th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.9%. ArcelorMittal’s dividend payout ratio (DPR) is 13.39%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MT. Santander lowered ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to an “underweight” rating in a report on Monday, March 9th. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday. Oddo Bhf raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 14th. Finally, Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a report on Friday, February 13th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ArcelorMittal has an average rating of “Hold” and a consensus price target of $61.07.

ArcelorMittal Company 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.