Pzena Investment Management LLC Sells 16,066 Shares of ArcelorMittal $MT

Pzena Investment Management LLC lowered its position in shares of ArcelorMittal (NYSE:MT) by 46.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 18,409 shares of the basic materials company’s stock after selling 16,066 shares during the period. Pzena Investment Management LLC’s holdings in ArcelorMittal were worth $957,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. True Wealth Design LLC increased its stake in shares of ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 234 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in ArcelorMittal in the 4th quarter worth $44,000. Allworth Financial LP boosted its holdings in ArcelorMittal by 91.5% in the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock worth $51,000 after buying an additional 538 shares during the period. CIBC Private Wealth Group LLC increased its stake in ArcelorMittal by 126.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock worth $52,000 after buying an additional 640 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after buying an additional 501 shares in the last quarter. 9.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MT has been the topic of a number of recent analyst reports. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Wells Fargo & Company lifted their target price on ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. KeyCorp initiated coverage on ArcelorMittal in a report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Finally, Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Six 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 MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $61.07.

ArcelorMittal Stock Performance

Shares of NYSE MT opened at $63.38 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.54 and a current ratio of 1.39. The company has a market cap of $49.12 billion, a P/E ratio of 16.64, a P/E/G ratio of 0.48 and a beta of 1.55. The firm’s fifty day moving average is $63.91 and its two-hundred day moving average is $57.76. ArcelorMittal has a 52-week low of $30.17 and a 52-week high of $72.50.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. The business had revenue of $15.46 billion during the quarter, compared to the consensus estimate of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The business’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. As a group, analysts anticipate that ArcelorMittal will post 4.72 EPS for the current fiscal year.

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.