Atria Investments Inc Invests $244,000 in ArcelorMittal S.A. (NYSE:MT)

Atria Investments Inc purchased a new stake in ArcelorMittal S.A. (NYSE:MT) in the third quarter, Holdings Channel reports. The firm purchased 9,307 shares of the basic materials company’s stock, valued at approximately $244,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in 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 worth $18,858,000 after acquiring an additional 783,965 shares during the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of ArcelorMittal in the 2nd quarter worth approximately $12,679,000. Mediolanum International Funds Ltd acquired a new position in ArcelorMittal during the 3rd quarter valued at approximately $3,042,000. Robotti Robert bought a new position in ArcelorMittal during the 1st quarter worth $1,435,000. Finally, Sei Investments Co. increased its position in ArcelorMittal by 191.9% in the second quarter. Sei Investments Co. now owns 53,358 shares of the basic materials company’s stock worth $1,223,000 after buying an additional 35,077 shares during the period. 9.88% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Stock Down 0.7 %

Shares of MT stock opened at $25.11 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. The business’s fifty day moving average is $24.77 and its 200-day moving average is $24.02. ArcelorMittal S.A. has a 1 year low of $20.52 and a 1 year high of $29.01. The stock has a market cap of $20.22 billion, a PE ratio of -17.81, a price-to-earnings-growth ratio of 0.61 and a beta of 1.77.

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

Wall Street Analysts Forecast Growth

MT has been the subject of several analyst reports. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their target price for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and lifted their price target for the company from $29.00 to $31.00 in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.