Renaissance Technologies LLC Has $48.95 Million Position in ArcelorMittal (MT)

Renaissance Technologies LLC reduced its stake in ArcelorMittal (NYSE:MT) by 19.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,515,071 shares of the basic materials company’s stock after selling 359,900 shares during the period. Renaissance Technologies LLC owned approximately 0.15% of ArcelorMittal worth $48,952,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Icon Wealth Partners LLC acquired a new position in shares of ArcelorMittal during the fourth quarter worth $110,000. FNY Partners Fund LP acquired a new position in shares of ArcelorMittal during the fourth quarter worth $161,000. Financial Gravity Companies Inc. acquired a new position in shares of ArcelorMittal during the fourth quarter worth $179,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of ArcelorMittal during the third quarter worth $228,000. Finally, SG Americas Securities LLC acquired a new position in shares of ArcelorMittal during the third quarter worth $229,000. Institutional investors and hedge funds own 4.80% of the company’s stock.

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NYSE MT traded down $1.09 during trading hours on Friday, hitting $31.08. The company’s stock had a trading volume of 2,839,308 shares, compared to its average volume of 3,368,557. ArcelorMittal has a 52 week low of $19.59 and a 52 week high of $37.50. The stock has a market cap of $32,810.70, a price-to-earnings ratio of 5.82, a PEG ratio of 0.64 and a beta of 2.38. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.41 and a current ratio of 1.25.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Wednesday, January 31st. The basic materials company reported $1.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.21. The business had revenue of $17.71 billion for the quarter, compared to analysts’ expectations of $18.34 billion. ArcelorMittal had a net margin of 6.65% and a return on equity of 12.03%. During the same quarter last year, the firm earned $0.39 EPS. sell-side analysts predict that ArcelorMittal will post 3.79 EPS for the current year.

ArcelorMittal announced that its Board of Directors has initiated a stock buyback program on Tuesday, March 13th that authorizes the company to buyback $280.00 million in shares. This buyback authorization authorizes the basic materials company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 13th. Shareholders of record on Friday, May 18th will be paid a $0.10 dividend. The ex-dividend date is Thursday, May 17th. This represents a $0.40 annualized dividend and a yield of 1.29%.

MT has been the subject of a number of recent research reports. Cowen restated a “hold” rating and issued a $35.00 price objective on shares of ArcelorMittal in a report on Thursday, January 4th. Jefferies Group restated a “buy” rating and issued a $42.00 price objective on shares of ArcelorMittal in a report on Tuesday, January 9th. Bank of America raised shares of ArcelorMittal from an “underperform” rating to a “neutral” rating in a research report on Wednesday, January 10th. Zacks Investment Research raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Tuesday, January 16th. Finally, JPMorgan Chase reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Friday, January 26th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $36.00.

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ArcelorMittal Profile

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.

Institutional Ownership by Quarter for ArcelorMittal (NYSE:MT)

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