ArcelorMittal (NYSE:MT) Trading 3.5% Higher – What’s Next?

ArcelorMittal S.A. (NYSE:MT) shares were up 3.5% on Friday . The stock traded as high as $25.37 and last traded at $25.35. Approximately 274,418 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,605,081 shares. The stock had previously closed at $24.49.

Wall Street Analyst Weigh In

MT has been the subject of a number of research analyst reports. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft upgraded ArcelorMittal from a “hold” rating to a “buy” rating and raised their price objective for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $30.00 to $32.90 in a research report on Thursday. Finally, JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, ArcelorMittal presently has a consensus rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Stock Performance

The stock has a 50 day moving average price of $24.46 and a two-hundred day moving average price of $24.04. 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 company has a market capitalization of $20.35 billion, a price-to-earnings ratio of -17.92, a price-to-earnings-growth ratio of 0.46 and a beta of 1.77.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The business had revenue of $15.20 billion for the quarter, compared to analysts’ expectations of $15.11 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. ArcelorMittal’s revenue was down 8.5% compared to the same quarter last year. On average, analysts predict that ArcelorMittal S.A. will post 3 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MT. Maple Rock Capital Partners Inc. acquired a new stake in shares of ArcelorMittal in the 1st quarter valued at approximately $36,406,000. Bank of New York Mellon Corp raised its holdings in ArcelorMittal by 2,038.3% in the second quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock worth $18,858,000 after purchasing an additional 783,965 shares during the period. Encompass Capital Advisors LLC bought a new position in shares of ArcelorMittal during the second quarter worth $12,679,000. FMR LLC grew its holdings in shares of ArcelorMittal by 46.7% in the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock valued at $34,606,000 after buying an additional 419,465 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of ArcelorMittal by 90.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock valued at $16,343,000 after buying an additional 295,682 shares during the period. Institutional investors and hedge funds own 9.88% of the company’s stock.

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.