Connor Clark & Lunn Investment Management Ltd. Raises Position in ArcelorMittal S.A. (NYSE:MT)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in ArcelorMittal S.A. (NYSE:MT) by 90.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 622,335 shares of the basic materials company’s stock after purchasing an additional 295,682 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of ArcelorMittal worth $16,343,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Crossmark Global Holdings Inc. increased its stake in shares of ArcelorMittal by 4.6% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,927 shares of the basic materials company’s stock valued at $296,000 after acquiring an additional 572 shares during the last quarter. Rhumbline Advisers increased its position in ArcelorMittal by 6.8% during the second quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company’s stock worth $221,000 after purchasing an additional 610 shares during the last quarter. Pzena Investment Management LLC boosted its holdings in shares of ArcelorMittal by 4.0% in the 2nd quarter. Pzena Investment Management LLC now owns 25,085 shares of the basic materials company’s stock valued at $575,000 after purchasing an additional 963 shares during the last quarter. Trust Co. of Toledo NA OH grew its stake in shares of ArcelorMittal by 5.6% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 26,135 shares of the basic materials company’s stock valued at $599,000 after buying an additional 1,395 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of ArcelorMittal by 298.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock worth $54,000 after buying an additional 1,771 shares during the last quarter. 9.88% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Stock Performance

ArcelorMittal stock opened at $25.08 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. The firm’s fifty day moving average price is $24.66 and its 200 day moving average price is $24.01. The company has a market capitalization of $20.20 billion, a price-to-earnings ratio of -17.79, a price-to-earnings-growth ratio of 0.61 and a beta of 1.77. ArcelorMittal S.A. has a 12-month low of $20.52 and a 12-month high of $29.01.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The firm had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. During the same quarter in the prior year, the business posted $1.10 earnings per share. ArcelorMittal’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, research analysts forecast that ArcelorMittal S.A. will post 2.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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