ArcelorMittal (NYSE:MT) Hits New 12-Month High – Time to Buy?

ArcelorMittal (NYSE:MT) shares hit a new 52-week high during trading on Thursday . The company traded as high as $76.72 and last traded at $75.7840, with a volume of 245096 shares changing hands. The stock had previously closed at $75.13.

Wall Street Analyst Weigh In

MT has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a research note on Friday. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Tuesday, August 4th. Weiss Ratings downgraded ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 6th. Finally, Morgan Stanley assumed coverage on shares of ArcelorMittal in a research note on Monday, August 24th. They set an “overweight” rating and a $82.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, ArcelorMittal currently has an average rating of “Hold” and a consensus price target of $74.80.

ArcelorMittal Stock Up 3.4%

The company has a market capitalization of $60.94 billion, a P/E ratio of 33.32, a price-to-earnings-growth ratio of 0.57 and a beta of 1.55. The company has a 50-day moving average of $69.58 and a two-hundred day moving average of $63.94. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The firm had revenue of $16.76 billion during the quarter, compared to the consensus estimate of $17.56 billion. During the same quarter last year, the company posted $1.32 EPS. ArcelorMittal’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, research analysts predict that ArcelorMittal will post 4.48 EPS for the current year.

Institutional Trading of ArcelorMittal

Institutional investors have recently bought and sold shares of the company. First Trust Advisors LP increased its position in shares of ArcelorMittal by 275.8% during the first quarter. First Trust Advisors LP now owns 55,311 shares of the basic materials company’s stock valued at $2,875,000 after acquiring an additional 40,593 shares in the last quarter. Maple Rock Capital Partners Inc. lifted its position in ArcelorMittal by 54.9% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock valued at $131,934,000 after acquiring an additional 776,595 shares in the last quarter. Icon Advisers Inc. Co. boosted its stake in ArcelorMittal by 140.7% during the 1st quarter. Icon Advisers Inc. Co. now owns 65,000 shares of the basic materials company’s stock valued at $3,379,000 after purchasing an additional 38,000 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of ArcelorMittal by 11.7% in the 1st quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock worth $17,461,000 after purchasing an additional 35,298 shares in the last quarter. Finally, Impala Asset Management LLC bought a new stake in shares of ArcelorMittal in the 4th quarter worth $7,281,000. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Company Profile

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.