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

Shares of ArcelorMittal (NYSE:MT) reached a new 52-week high on Thursday . The company traded as high as $38.41 and last traded at $38.26, with a volume of 2003742 shares trading hands. The stock had previously closed at $36.15.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MT shares. Wall Street Zen lowered ArcelorMittal from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Barclays lowered ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company raised ArcelorMittal to a “hold” rating in a report on Thursday, August 14th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $33.45.

ArcelorMittal Trading Up 5.8%

The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $31.34 billion, a P/E ratio of 11.81, a P/E/G ratio of 0.16 and a beta of 1.69. The firm has a 50-day moving average of $33.92 and a two-hundred day moving average of $31.55.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.01). ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The business had revenue of $15.93 billion for the quarter, compared to the consensus estimate of $15.48 billion. During the same quarter in the prior year, the company earned $0.63 earnings per share. ArcelorMittal’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, analysts anticipate that ArcelorMittal will post 3.72 EPS for the current year.

Institutional Trading of ArcelorMittal

Several institutional investors and hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. lifted its position in shares of ArcelorMittal by 16.2% during the 2nd quarter. Osaic Holdings Inc. now owns 16,796 shares of the basic materials company’s stock worth $530,000 after buying an additional 2,338 shares during the last quarter. Tower Research Capital LLC TRC raised its position in ArcelorMittal by 8.2% in the second quarter. Tower Research Capital LLC TRC now owns 123,457 shares of the basic materials company’s stock valued at $3,899,000 after purchasing an additional 9,401 shares during the last quarter. Vident Advisory LLC raised its position in ArcelorMittal by 4.8% in the second quarter. Vident Advisory LLC now owns 18,878 shares of the basic materials company’s stock valued at $596,000 after purchasing an additional 869 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in ArcelorMittal by 15.9% in the second quarter. Cubist Systematic Strategies LLC now owns 211,326 shares of the basic materials company’s stock valued at $6,674,000 after purchasing an additional 28,915 shares during the last quarter. Finally, Boothbay Fund Management LLC raised its position in ArcelorMittal by 22.8% in the second quarter. Boothbay Fund Management LLC now owns 113,884 shares of the basic materials company’s stock valued at $3,596,000 after purchasing an additional 21,130 shares during the last quarter. 9.29% of the stock is currently owned by institutional investors.

About ArcelorMittal

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.