Is ArcelorMittal (NYSE:MT) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market.
ArcelorMittal (NYSE:MT) has seen an increase in enthusiasm from smart money recently. MT was in 15 hedge funds’ portfolios at the end of the second quarter of 2019. There were 12 hedge funds in our database with MT holdings at the end of the previous quarter. Our calculations also showed that MT isn’t among the 30 most popular stocks among hedge funds (view the video below).
Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.
Today there are plenty of tools stock market investors employ to evaluate stocks. A couple of the most useful tools are hedge fund and insider trading sentiment. We have shown that, historically, those who follow the top picks of the best investment managers can outclass the broader indices by a healthy amount (see the details here).
Unlike some fund managers who are betting on Dow reaching 40000 in a year, our long-short investment strategy doesn’t rely on bull markets to deliver double digit returns. We only rely on hedge fund buy/sell signals. We’re going to take a gander at the fresh hedge fund action surrounding ArcelorMittal (NYSE:MT).
What have hedge funds been doing with ArcelorMittal (NYSE:MT)?
Heading into the third quarter of 2019, a total of 15 of the hedge funds tracked by Insider Monkey were long