Sequoia Financial Advisors LLC Takes Position in ArcelorMittal $MT

Sequoia Financial Advisors LLC bought a new stake in ArcelorMittal (NYSE:MT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,114 shares of the basic materials company’s stock, valued at approximately $414,000.

Other institutional investors have also modified their holdings of the company. 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 valued at $2,193,000 after purchasing an additional 8,448 shares during the period. Summit Securities Group LLC acquired a new position in shares of ArcelorMittal in the first quarter valued at approximately $3,778,000. FORA Capital LLC acquired a new position in shares of ArcelorMittal in the first quarter valued at approximately $440,000. New York State Common Retirement Fund acquired a new position in shares of ArcelorMittal in the first quarter valued at approximately $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 valued at $977,000 after purchasing an additional 23,678 shares during the period. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Stock Up 0.6%

MT opened at $38.70 on Tuesday. The business’s fifty day moving average is $35.56 and its two-hundred day moving average is $32.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.59 and a current ratio of 1.40. The company has a market cap of $31.71 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.17 and a beta of 1.69. ArcelorMittal has a one year low of $21.59 and a one year high of $41.28.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MT. Barclays lowered ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. Wells Fargo & Company upgraded ArcelorMittal to a “hold” rating in a research note on Thursday, August 14th. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Wall Street Zen downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $33.45.

ArcelorMittal Profile

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.