Senator Investment Group LP Invests $26.43 Million in ArcelorMittal $MT

Senator Investment Group LP bought a new position in shares of ArcelorMittal (NYSE:MT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 580,000 shares of the basic materials company’s stock, valued at approximately $26,431,000.

A number of other institutional investors and hedge funds also recently modified their holdings of MT. AQR Capital Management LLC raised its position in shares of ArcelorMittal by 75.0% during the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock worth $982,000 after purchasing an additional 14,593 shares during the period. Geneos Wealth Management Inc. raised its position in shares of ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 501 shares during the period. Cetera Investment Advisers acquired a new stake in shares of ArcelorMittal during the second quarter worth $232,000. Russell Investments Group Ltd. raised its position in shares of ArcelorMittal by 9.4% during the second quarter. Russell Investments Group Ltd. now owns 37,029 shares of the basic materials company’s stock worth $1,169,000 after purchasing an additional 3,171 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of ArcelorMittal by 268.6% during the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 1,765 shares during the period. 9.29% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Stock Performance

Shares of MT stock opened at $69.20 on Tuesday. ArcelorMittal has a 1-year low of $29.86 and a 1-year high of $72.50. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $53.63 billion, a price-to-earnings ratio of 18.16, a P/E/G ratio of 0.57 and a beta of 1.53. The stock’s fifty day simple moving average is $63.06 and its 200-day simple moving average is $56.03.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business had revenue of $15.46 billion for the quarter, compared to the consensus estimate of $17.04 billion. During the same quarter in the previous year, the company posted $1.05 earnings per share. ArcelorMittal’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, sell-side analysts predict that ArcelorMittal will post 4.69 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MT has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their target price on ArcelorMittal from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. KeyCorp initiated coverage on ArcelorMittal in a research report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Weiss Ratings raised ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Finally, Santander downgraded ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $61.07.

ArcelorMittal 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.