ArcelorMittal (NYSE:MT) Shares Gap Down – What’s Next?

ArcelorMittal S.A. (NYSE:MT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $32.06, but opened at $31.07. ArcelorMittal shares last traded at $30.69, with a volume of 854,237 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MT shares. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $30.00 to $32.90 in a research note on Thursday, November 14th. Morgan Stanley downgraded shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Stock Performance

The firm has a fifty day simple moving average of $26.30 and a 200 day simple moving average of $25.01. The company has a current ratio of 1.35, a quick ratio of 0.59 and a debt-to-equity ratio of 0.17. The stock has a market cap of $25.22 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 0.14 and a beta of 1.79.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, February 6th. The basic materials company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.31% and a net margin of 2.14%. As a group, sell-side analysts expect that ArcelorMittal S.A. will post 3.72 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Atria Investments Inc bought a new position in ArcelorMittal in the 3rd quarter worth approximately $244,000. Crossmark Global Holdings Inc. increased its stake in shares of ArcelorMittal by 168.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 34,766 shares of the basic materials company’s stock valued at $913,000 after buying an additional 21,839 shares during the period. Catalytic Wealth RIA LLC bought a new stake in shares of ArcelorMittal during the third quarter worth $365,000. Oppenheimer Asset Management Inc. lifted its stake in shares of ArcelorMittal by 154.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 57,106 shares of the basic materials company’s stock valued at $1,500,000 after acquiring an additional 34,688 shares during the period. Finally, Natixis Advisors LLC boosted its holdings in ArcelorMittal by 171.4% in the third quarter. Natixis Advisors LLC now owns 130,100 shares of the basic materials company’s stock valued at $3,416,000 after acquiring an additional 82,164 shares during the last quarter. Institutional investors and hedge funds own 9.29% 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.