Posted by admin on Jul 25th, 2022

Truist Financial Corp cut its stake in ArcelorMittal S.A. (NYSE:MT – Get Rating) by 46.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 24,454 shares of the basic materials company’s stock after selling 21,028 shares during the period. Truist Financial Corp’s holdings in ArcelorMittal were worth $783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in MT. National Bank of Canada FI bought a new position in shares of ArcelorMittal in the fourth quarter worth $46,000. Bessemer Group Inc. grew its stake in shares of ArcelorMittal by 42.8% in the fourth quarter. Bessemer Group Inc. now owns 2,026 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 607 shares in the last quarter. Pinnacle Private Wealth LLC bought a new position in shares of ArcelorMittal in the fourth quarter worth $201,000. Shilanski & Associates Inc. grew its stake in shares of ArcelorMittal by 12.6% in the first quarter. Shilanski & Associates Inc. now owns 7,983 shares of the basic materials company’s stock worth $256,000 after purchasing an additional 891 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of ArcelorMittal by 83.8% in the fourth quarter. Signaturefd LLC now owns 8,223 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 3,748 shares in the last quarter. 41.79% of the stock is owned by institutional investors and hedge funds.

Several research firms have recently issued reports on MT. StockNews.com raised ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 17th. Morgan Stanley increased their price target on ArcelorMittal from €46.00 ($46.46) to €46.10 ($46.57) and gave the stock an “overweight” rating in a research note on Thursday, June 23rd. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Wednesday, June 22nd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on ArcelorMittal from $53.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, ArcelorMittal has an average rating of “Moderate Buy” and an average target price of $44.68.

NYSE:MT opened at $23.04 on Monday. The company has a quick ratio of 0.71, a current ratio of 1.55 and a debt-to-equity ratio of 0.11. ArcelorMittal S.A. has a 1-year low of $20.86 and a 1-year high of $37.87. The firm has a market capitalization of $21.61 billion, a price-to-earnings ratio of 1.46 and a beta of 2.00. The stock has a fifty day simple moving average of $26.58 and a 200 day simple moving average of $29.74.

ArcelorMittal (NYSE:MT – Get Rating) last released its quarterly earnings results on Thursday, May 5th. The basic materials company reported $4.27 earnings per share for the quarter, beating analysts’ consensus estimates of $3.25 by $1.02. ArcelorMittal had a return on equity of 32.88% and a net margin of 20.43%. The business had revenue of $21.84 billion during the quarter, compared to analyst estimates of $21.11 billion. Sell-side analysts forecast that ArcelorMittal S.A. will post 12.18 earnings per share for the current year.

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in Europe, North and South America, Asia, and Africa. Its principal steel products include 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, which includes blooms and billets; finished long products, including bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.

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