Assetmark Inc. Sells 71,017 Shares of ArcelorMittal S.A. (NYSE:MT)

Assetmark Inc. trimmed its stake in shares of ArcelorMittal S.A. (NYSE:MT) by 95.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,175 shares of the basic materials company’s stock after selling 71,017 shares during the quarter. Assetmark Inc.’s holdings in ArcelorMittal were worth $83,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. boosted its holdings in shares of ArcelorMittal by 1,820.0% during the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $46,000 after buying an additional 1,911 shares during the period. Mather Group LLC. grew its position in shares of ArcelorMittal by 1,388.6% in the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 2,069 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of ArcelorMittal by 298.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock worth $54,000 after purchasing an additional 1,771 shares during the period. CWM LLC lifted its holdings in ArcelorMittal by 378.2% during the 2nd quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock worth $113,000 after purchasing an additional 3,899 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in ArcelorMittal during the 2nd quarter worth approximately $156,000. 9.88% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Stock Performance

Shares of NYSE:MT opened at $25.27 on Monday. ArcelorMittal S.A. has a 1 year low of $20.52 and a 1 year high of $29.01. The stock has a market capitalization of $20.35 billion, a price-to-earnings ratio of -17.92, a price-to-earnings-growth ratio of 0.49 and a beta of 1.77. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. The company’s 50 day simple moving average is $24.46 and its 200 day simple moving average is $24.02.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.11 billion. During the same quarter last year, the company posted $1.10 EPS. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. As a group, research analysts predict that ArcelorMittal S.A. will post 2.99 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MT has been the subject of a number of research reports. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $30.00 to $32.90 in a report on Thursday. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and increased their price target for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.17.

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.