Pzena Investment Management LLC Buys 3,544 Shares of ArcelorMittal $MT

Pzena Investment Management LLC boosted its stake in ArcelorMittal (NYSE:MT) by 10.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,354 shares of the basic materials company’s stock after purchasing an additional 3,544 shares during the quarter. Pzena Investment Management LLC’s holdings in ArcelorMittal were worth $1,180,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MT. Charles Schwab Investment Management Inc. increased its holdings in shares of ArcelorMittal by 12.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 76,010 shares of the basic materials company’s stock worth $2,193,000 after acquiring an additional 8,448 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of ArcelorMittal in the first quarter worth about $3,778,000. FORA Capital LLC bought a new stake in shares of ArcelorMittal in the first quarter worth about $440,000. New York State Common Retirement Fund bought a new stake in shares of ArcelorMittal in the first quarter worth about $1,647,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of ArcelorMittal by 232.6% in the first quarter. Russell Investments Group Ltd. now owns 33,858 shares of the basic materials company’s stock worth $977,000 after acquiring an additional 23,678 shares in the last quarter. Institutional investors own 9.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MT. Wells Fargo & Company raised ArcelorMittal to a “hold” rating in a research report on Thursday, August 14th. The Goldman Sachs Group reissued a “neutral” rating on shares of ArcelorMittal in a research report on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Barclays cut ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, July 16th. Finally, Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $33.45.

ArcelorMittal Stock Performance

Shares of NYSE MT opened at $38.38 on Tuesday. ArcelorMittal has a 52 week low of $21.59 and a 52 week high of $41.28. The stock has a market capitalization of $31.44 billion, a PE ratio of 11.85, a price-to-earnings-growth ratio of 0.16 and a beta of 1.69. The stock has a 50 day moving average price of $34.94 and a 200 day moving average price of $31.97. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.01). ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The business had revenue of $15.93 billion during the quarter, compared to analyst estimates of $15.48 billion. During the same period in the previous year, the business earned $0.63 earnings per share. The business’s quarterly revenue was down 2.0% on a year-over-year basis. Analysts predict that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

About ArcelorMittal

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.