ArcelorMittal (NYSE:MT) Hits New 52-Week High – Time to Buy?

ArcelorMittal (NYSE:MT)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $74.88 and last traded at $74.1360, with a volume of 240517 shares changing hands. The stock had previously closed at $71.83.

Wall Street Analyst Weigh In

MT has been the subject of several research reports. Wells Fargo & Company raised their price objective on shares of ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Friday. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Monday, July 6th. Santander downgraded ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. upgraded ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $75.00 price objective on shares of ArcelorMittal in a research note on Friday. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.40.

ArcelorMittal Stock Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57. The company has a 50 day simple moving average of $66.15 and a 200-day simple moving average of $60.89. The stock has a market capitalization of $57.34 billion, a P/E ratio of 31.34, a price-to-earnings-growth ratio of 0.55 and a beta of 1.55.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of ArcelorMittal by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock valued at $168,008,000 after buying an additional 11,503 shares in the last quarter. Maple Rock Capital Partners Inc. grew its stake in shares of ArcelorMittal by 42.4% during the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock valued at $74,306,000 after buying an additional 485,400 shares during the last quarter. UBS Group AG increased its holdings in shares of ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after buying an additional 947,532 shares during the period. Bank of America Corp DE boosted its holdings in ArcelorMittal by 15.6% during the 3rd quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after acquiring an additional 128,045 shares during the period. Finally, Senator Investment Group LP bought a new position in ArcelorMittal during the 4th quarter worth approximately $26,431,000. 9.29% of the stock is owned by 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.