ArcelorMittal (NYSE:MT) Sets New 52-Week High – Should You Buy?

ArcelorMittal (NYSE:MT)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $68.27 and last traded at $68.11, with a volume of 215662 shares. The stock had previously closed at $66.08.

Wall Street Analysts Forecast Growth

MT has been the topic of a number of research analyst reports. Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 20th. Jefferies Financial Group upgraded ArcelorMittal from a “hold” rating to a “buy” rating and increased their price target for the company from $51.10 to $73.20 in a research note on Wednesday, February 11th. Finally, KeyCorp initiated coverage on ArcelorMittal in a research note on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Six research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ArcelorMittal has an average rating of “Hold” and a consensus price target of $61.07.

ArcelorMittal Stock Down 0.2%

The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. The stock has a market cap of $53.08 billion, a P/E ratio of 17.98, a PEG ratio of 0.55 and a beta of 1.48. The firm has a 50-day simple moving average of $58.43 and a two-hundred day simple moving average of $53.37.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04. The firm had revenue of $15.46 billion for the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.05 EPS. Equities research analysts expect that ArcelorMittal will post 4.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. AlphaCore Capital LLC increased its position in shares of ArcelorMittal by 672.4% in the third quarter. AlphaCore Capital LLC now owns 31,894 shares of the basic materials company’s stock worth $1,153,000 after purchasing an additional 27,765 shares during the period. Darwin Wealth Management LLC bought a new position in shares of ArcelorMittal in the fourth quarter worth $1,126,000. Carrera Capital Advisors bought a new position in shares of ArcelorMittal in the fourth quarter worth $4,673,000. American Century Companies Inc. increased its position in shares of ArcelorMittal by 17.4% in the third quarter. American Century Companies Inc. now owns 461,149 shares of the basic materials company’s stock worth $16,671,000 after purchasing an additional 68,505 shares during the period. Finally, Retirement Systems of Alabama bought a new position in shares of ArcelorMittal in the fourth quarter worth $30,721,000. Institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.