Hennessy Advisors Inc. Sells 14,300 Shares of ArcelorMittal $MT

Hennessy Advisors Inc. lessened its stake in ArcelorMittal (NYSE:MT) by 8.9% during the third quarter, HoldingsChannel.com reports. The firm owned 145,600 shares of the basic materials company’s stock after selling 14,300 shares during the period. Hennessy Advisors Inc.’s holdings in ArcelorMittal were worth $9,717,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of MT. Sumitomo Mitsui Trust Group Inc. bought a new stake in ArcelorMittal in the third quarter valued at about $587,000. Profund Advisors LLC lifted its holdings in ArcelorMittal by 12.1% during the 3rd quarter. Profund Advisors LLC now owns 11,557 shares of the basic materials company’s stock worth $771,000 after buying an additional 1,244 shares during the last quarter. Choreo LLC lifted its holdings in ArcelorMittal by 11.1% during the 3rd quarter. Choreo LLC now owns 5,439 shares of the basic materials company’s stock worth $363,000 after buying an additional 542 shares during the last quarter. SYM FINANCIAL Corp lifted its holdings in ArcelorMittal by 4.1% during the 3rd quarter. SYM FINANCIAL Corp now owns 7,490 shares of the basic materials company’s stock worth $500,000 after buying an additional 296 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in ArcelorMittal by 3.6% during the 3rd quarter. Signaturefd LLC now owns 36,570 shares of the basic materials company’s stock worth $2,441,000 after buying an additional 1,275 shares during the last quarter. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Price Performance

Shares of NYSE:MT opened at $59.81 on Monday. The company has a market cap of $46.35 billion, a PE ratio of 25.34, a P/E/G ratio of 0.56 and a beta of 1.55. ArcelorMittal has a fifty-two week low of $36.70 and a fifty-two week high of $79.68. The firm has a 50-day simple moving average of $68.56 and a 200 day simple moving average of $63.62. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%. The business had revenue of $16.76 billion during the quarter, compared to the consensus estimate of $17.56 billion. During the same period in the prior year, the business earned $1.32 EPS. The business’s revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts anticipate that ArcelorMittal will post 3.63 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MT shares. Wells Fargo & Company lowered their price target on ArcelorMittal from $69.00 to $64.00 and set an “equal weight” rating for the company in a report on Tuesday, October 6th. Weiss Ratings lowered ArcelorMittal from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday. Barclays restated a “neutral” rating on shares of ArcelorMittal in a research note on Tuesday, July 7th. Morgan Stanley initiated coverage on shares of ArcelorMittal in a report on Monday, August 24th. They issued an “overweight” rating and a $82.00 price objective for the company. Finally, JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Thursday, October 15th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.55.

ArcelorMittal Profile

ArcelorMittal SA (NYSE: MT) is one of the world’s largest integrated steel and mining companies. The company produces steel products for the automotive, construction, appliance, energy, engineering and packaging industries, serving customers through a combination of primary steelmaking, finishing and distribution operations.

Its product portfolio includes flat steel, long steel, tubular products, bars, wire rod and specialized automotive steels. ArcelorMittal also operates iron ore mining and pelletizing activities that support its steel production and supply chain.

The company was formed in 2006 through the merger of Arcelor and Mittal Steel.