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

Shares of ArcelorMittal (NYSE:MT) gapped down before the market opened on Thursday . The stock had previously closed at $74.59, but opened at $69.81. ArcelorMittal shares last traded at $69.4220, with a volume of 608,158 shares.

Analyst Ratings Changes

A number of research firms recently weighed in on MT. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Tuesday, August 4th. Wells Fargo & Company boosted their target price on ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 6th. Weiss Ratings downgraded ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $75.00 price target on shares of ArcelorMittal in a research note on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, ArcelorMittal currently has a consensus rating of “Hold” and a consensus price target of $72.40.

ArcelorMittal Trading Up 1.6%

The stock has a market capitalization of $56.01 billion, a P/E ratio of 30.62, a PEG ratio of 0.53 and a beta of 1.53. The stock’s fifty day moving average price is $67.43 and its 200 day moving average price is $62.92. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The company had revenue of $16.76 billion for the quarter, compared to the consensus estimate of $17.56 billion. ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.32 EPS. Research analysts forecast that ArcelorMittal will post 4.49 earnings per share for the current year.

Hedge Funds Weigh In On ArcelorMittal

A number of institutional investors have recently modified their holdings of the stock. TD Waterhouse Canada Inc. boosted its holdings in shares of ArcelorMittal by 822.3% in the second quarter. TD Waterhouse Canada Inc. now owns 16,491 shares of the basic materials company’s stock valued at $978,000 after purchasing an additional 14,703 shares during the period. Maple Rock Capital Partners Inc. grew its stake in ArcelorMittal by 54.9% in the second quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock worth $131,934,000 after purchasing an additional 776,595 shares in the last quarter. NINE MASTS CAPITAL Ltd purchased a new position in ArcelorMittal during the 2nd quarter worth $278,000. GK Wealth Management LLC purchased a new position in ArcelorMittal during the 2nd quarter worth $408,000. Finally, GAMMA Investing LLC raised its position in ArcelorMittal by 15.5% during the 2nd quarter. GAMMA Investing LLC now owns 4,333 shares of the basic materials company’s stock valued at $261,000 after purchasing an additional 581 shares in the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

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.