10,894 Shares in ArcelorMittal S.A. (NYSE:MT) Purchased by Truist Financial Corp

Truist Financial Corp bought a new stake in shares of ArcelorMittal S.A. (NYSE:MT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,894 shares of the basic materials company’s stock, valued at approximately $250,000.

Several other large investors also recently modified their holdings of MT. Maple Rock Capital Partners Inc. purchased a new stake in ArcelorMittal in the first quarter worth $36,406,000. Goldman Sachs Group Inc. increased its stake in shares of ArcelorMittal by 8.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 839,485 shares of the basic materials company’s stock worth $23,833,000 after purchasing an additional 66,813 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of ArcelorMittal by 2,038.3% in the second quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock valued at $18,858,000 after purchasing an additional 783,965 shares during the period. MMCAP International Inc. SPC raised its position in shares of ArcelorMittal by 103.4% in the first quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock valued at $17,950,000 after purchasing an additional 330,820 shares during the period. Finally, Encompass Capital Advisors LLC purchased a new stake in shares of ArcelorMittal during the 2nd quarter valued at approximately $12,679,000. Hedge funds and other institutional investors own 9.88% of the company’s stock.

Analyst Ratings Changes

MT has been the topic of a number of analyst reports. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a “hold” rating to a “buy” rating and raised their target price for the stock from $29.00 to $31.00 in a research note on Wednesday, August 28th. Finally, JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $30.30.

ArcelorMittal Trading Up 1.8 %

ArcelorMittal stock opened at $24.33 on Friday. The stock has a market cap of $19.59 billion, a P/E ratio of 27.34, a PEG ratio of 0.53 and a beta of 1.77. ArcelorMittal S.A. has a fifty-two week low of $20.52 and a fifty-two week high of $29.01. The firm’s fifty day moving average price is $23.68 and its 200-day moving average price is $24.27. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.66 and a current ratio of 1.53.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, August 1st. The basic materials company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.49). ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 6.00%. The company had revenue of $16.25 billion during the quarter, compared to analysts’ expectations of $16.32 billion. During the same period in the prior year, the business earned $2.20 earnings per share. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. Equities research analysts forecast that ArcelorMittal S.A. will post 3 earnings per share for the current fiscal year.

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.