Arrowstreet Capital LP recently announced the acquisition of new stake in ArcelorMittal S.A. (NYSE:MT). The institutional investor has increased its shareholding in the Basic Materials company by 1,180.66% to 4.31 million shares with purchase of 3.98 million shares. This fresh investment now brings its stake to 0.49% valued currently at $130.44 million. In addition, Two Sigma Advisers LP raised its holdings by 0.34 million to 2.37 million shares.
With over 2.82 million ArcelorMittal S.A. (MT) shares trading Friday and a closing price of $29.62 on the day, the dollar volume was approximately $83.65 million. The shares have shown a positive half year performance of 31.00% and its price on 03/10/23 lost nearly -3.17%. Currently, there are 866.00M common shares owned by the public and among those 704.16M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 16 analysts who have offered their price forecasts for MT have a consensus price objective of $37.26. The analysts have set the share’s price value over the next 12 months at a high of $51.26 and a low of $27.73. The average price target is 18.38% above its recent price level and a downside to the estimated low will see the stock lose -6.82% over that period. But an upside of 42.22% will see the stock hit the forecast high price target while median target price for the stock is $37.67.
The top 3 mutual fund holders in ArcelorMittal S.A. are Goldman Sachs GQG Partners Intern, ClearBridge Appreciation Fund, and DFA International Core Equity Por. Goldman Sachs GQG Partners Intern owns 6.5 million shares of the company’s stock, all valued at over $196.52 million. The company bought an additional 1.06 million shares recently to bring their total holdings to about 0.74% of the shares outstanding. DFA International Core Equity Por now owns shares totaling to 0.18% of the shares outstanding.
Shares of ArcelorMittal S.A. (NYSE: MT) opened at $30.36, down -$0.23 from a prior closing price of $30.59. However, the script later moved the day high at 30.49, down -3.17%. The company’s stock has a 5-day price change of -8.55% and 11.77% over the past three months. MT shares are trading 12.97% year to date (YTD), with the 12-month market performance down to -1.30% lower. It has a 12-month low price of $19.25 and touched a high of $34.59 over the same period. MT has an average intraday trading volume of 2.32 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.63%, -1.17%, and 14.51% respectively.
Institutional ownership of ArcelorMittal S.A. (NYSE: MT) shares accounts for 6.40% of the company’s 866.00M shares outstanding. Mutual fund holders own 2.24%, while other institutional holders and individual stakeholders account for 3.47% and — respectively.
It has a market capitalization of $27.22B and a beta (3y monthly) value of 1.91. The stock’s trailing 12-month PE ratio is 2.99, while the earnings-per-share (ttm) stands at $9.92. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.36% over the week and 2.02% over the month.
Analysts forecast that ArcelorMittal S.A. (MT) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $4.39 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Comparatively, EPS for the current quarter was $4.27 a year ago. Earnings per share for the fiscal year are expected to decrease by -24.60%, and 43.90% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 16 brokerage firm advisors rate ArcelorMittal S.A. (MT) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 5 of the 16 advise that investors “hold,” and 1 rated it as a “Sell.”
Credit Suisse on their part issued Outperform rating on October 14, 2021.
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