Icon Advisers Inc. Co. Acquires 38,000 Shares of ArcelorMittal $MT

Icon Advisers Inc. Co. lifted its holdings in shares of ArcelorMittal (NYSE:MT) by 140.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 65,000 shares of the basic materials company’s stock after acquiring an additional 38,000 shares during the period. Icon Advisers Inc. Co.’s holdings in ArcelorMittal were worth $3,379,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of MT. Maple Rock Capital Partners Inc. acquired a new position in ArcelorMittal in the third quarter valued at approximately $41,399,000. UBS Group AG grew its holdings in ArcelorMittal by 405.2% during the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after acquiring an additional 947,532 shares during the period. Retirement Systems of Alabama acquired a new stake in ArcelorMittal during the 4th quarter worth $30,721,000. Senator Investment Group LP bought a new stake in shares of ArcelorMittal during the 4th quarter valued at $26,431,000. Finally, Auto Owners Insurance Co raised its position in shares of ArcelorMittal by 4,457.0% during the 4th quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock valued at $1,675,000 after acquiring an additional 359,502 shares during the last quarter. 9.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MT. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 20th. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $70.00 target price on shares of ArcelorMittal in a research note on Tuesday, July 7th. Finally, KeyCorp started coverage on ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Six 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, ArcelorMittal presently has an average rating of “Moderate Buy” and a consensus target price of $68.40.

ArcelorMittal Trading Up 1.1%

Shares of NYSE MT opened at $66.52 on Thursday. The company’s fifty day moving average is $65.34 and its 200-day moving average is $59.72. The stock has a market cap of $51.55 billion, a price-to-earnings ratio of 17.46, a P/E/G ratio of 0.50 and a beta of 1.55. ArcelorMittal has a twelve month low of $30.17 and a twelve month high of $72.50. The company has a quick ratio of 0.54, a current ratio of 1.39 and a debt-to-equity ratio of 0.19.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. The business had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 EPS. Equities research analysts predict that ArcelorMittal will post 4.89 EPS for the current year.

About ArcelorMittal

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.