Retirement Systems of Alabama Takes $30.72 Million Position in ArcelorMittal $MT

Retirement Systems of Alabama purchased a new position in shares of ArcelorMittal (NYSE:MT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 674,150 shares of the basic materials company’s stock, valued at approximately $30,721,000. Retirement Systems of Alabama owned 0.09% of ArcelorMittal as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Maple Rock Capital Partners Inc. acquired a new stake in ArcelorMittal in the third quarter valued at about $41,399,000. UBS Group AG increased its position in ArcelorMittal by 405.2% during the 3rd 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 during the period. Man Group plc acquired a new position in ArcelorMittal during the 3rd quarter worth approximately $11,720,000. Balyasny Asset Management L.P. raised its stake in shares of ArcelorMittal by 202.2% during the 3rd quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock worth $13,339,000 after buying an additional 246,904 shares in the last quarter. Finally, Arrow Capital Pty Ltd acquired a new stake in shares of ArcelorMittal in the 2nd quarter valued at approximately $5,206,000. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Stock Performance

Shares of MT stock opened at $51.94 on Wednesday. The stock has a fifty day moving average price of $57.39 and a 200 day moving average price of $47.08. The stock has a market cap of $40.25 billion, a PE ratio of 12.67, a P/E/G ratio of 0.42 and a beta of 1.47. ArcelorMittal has a 1 year low of $23.19 and a 1 year high of $67.60. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.30. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The company had revenue of $14.97 billion for the quarter, compared to analyst estimates of $15.56 billion. During the same quarter in the prior year, the company earned $0.52 earnings per share. ArcelorMittal’s revenue was up 1.7% compared to the same quarter last year. Sell-side analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

ArcelorMittal Announces Dividend

The firm also recently disclosed 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 is Friday, November 13th. This represents a $0.60 annualized dividend and a dividend yield of 1.2%. ArcelorMittal’s payout ratio is currently 12.44%.

Analyst Upgrades and Downgrades

MT has been the topic of a number of recent analyst reports. Santander raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, February 5th. Wells Fargo & Company increased their price objective on ArcelorMittal from $47.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of ArcelorMittal in a report on Friday, February 6th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 13th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of ArcelorMittal in a report on Tuesday, February 17th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, ArcelorMittal currently has a consensus rating of “Hold” and an average target price of $51.98.

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.