Pzena Investment Management LLC Raises Holdings in ArcelorMittal S.A. (NYSE:MT)

Pzena Investment Management LLC raised its stake in ArcelorMittal S.A. (NYSE:MT) by 32.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,198 shares of the basic materials company’s stock after purchasing an additional 8,113 shares during the period. Pzena Investment Management LLC’s holdings in ArcelorMittal were worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Crossmark Global Holdings Inc. raised its position in shares of ArcelorMittal by 4.6% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,927 shares of the basic materials company’s stock worth $296,000 after acquiring an additional 572 shares in the last quarter. Rhumbline Advisers grew its position in shares of ArcelorMittal by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company’s stock valued at $221,000 after buying an additional 610 shares during the last quarter. Trust Co. of Toledo NA OH raised its stake in ArcelorMittal by 5.6% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 26,135 shares of the basic materials company’s stock worth $599,000 after acquiring an additional 1,395 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in ArcelorMittal by 298.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock valued at $54,000 after acquiring an additional 1,771 shares in the last quarter. Finally, Seascape Capital Management increased its position in shares of ArcelorMittal by 7.4% during the third quarter. Seascape Capital Management now owns 26,170 shares of the basic materials company’s stock worth $687,000 after purchasing an additional 1,812 shares in the last quarter. Hedge funds and other institutional investors own 9.88% of the company’s stock.

ArcelorMittal Stock Performance

ArcelorMittal stock opened at $25.08 on Thursday. ArcelorMittal S.A. has a fifty-two week low of $20.52 and a fifty-two week high of $29.01. The stock’s fifty day moving average is $24.66 and its two-hundred day moving average is $24.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The firm had revenue of $15.20 billion for the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The firm’s revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.10 EPS. Sell-side analysts forecast that ArcelorMittal S.A. will post 2.99 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MT. Barclays upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and increased their price target for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and increased their price target for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, ArcelorMittal currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Company 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.