Engineers Gate Manager LP Acquires 25,551 Shares of ArcelorMittal $MT

Engineers Gate Manager LP raised its holdings in ArcelorMittal (NYSE:MT) by 118.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 47,151 shares of the basic materials company’s stock after buying an additional 25,551 shares during the period. Engineers Gate Manager LP’s holdings in ArcelorMittal were worth $2,839,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MT. Integrated Wealth Concepts LLC bought a new position in shares of ArcelorMittal in the second quarter worth about $35,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in ArcelorMittal in the 4th quarter valued at about $44,000. Allworth Financial LP boosted its position in ArcelorMittal by 91.5% in the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after buying an additional 538 shares during the period. CIBC Private Wealth Group LLC grew 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 acquiring an additional 640 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased 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 acquiring an additional 501 shares during the period. 9.29% of the stock is currently owned by institutional investors.

ArcelorMittal Stock Performance

Shares of MT opened at $74.53 on Monday. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21. The firm has a market cap of $57.76 billion, a PE ratio of 31.58, a P/E/G ratio of 0.52 and a beta of 1.55. ArcelorMittal has a 12 month low of $34.15 and a 12 month high of $79.68. The stock has a fifty day moving average price of $71.11 and a 200-day moving average price of $64.35.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The business had revenue of $16.76 billion for the quarter, compared to analysts’ expectations of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.ArcelorMittal’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.32 EPS. Equities research analysts predict that ArcelorMittal will post 4.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MT has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Friday, September 4th. Morgan Stanley began coverage on ArcelorMittal in a report on Monday, August 24th. They set an “overweight” rating and a $82.00 price objective on the stock. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research report on Friday, July 10th. Finally, Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Hold” and a consensus target price of $74.80.

ArcelorMittal Company Profile

ArcelorMittal SA is a global steel and mining company with operations spanning the Americas, Europe and Africa. The company produces and sells steel products for industries including automotive, construction, infrastructure, energy, packaging and general manufacturing.

Its portfolio includes flat steel, long steel, tubular products and tailored solutions designed for specific industrial applications. ArcelorMittal also operates iron ore mining and processing activities, which supply raw materials for its steelmaking operations and support its vertically integrated business model.

ArcelorMittal was formed in 2006 through the merger of Arcelor and Mittal Steel.