ArcelorMittal (NYSE:MT) Stock Price Up 3.5% – Should You Buy?

ArcelorMittal S.A. (NYSE:MT) shot up 3.5% during trading on Friday . The company traded as high as $25.37 and last traded at $25.35. 274,418 shares traded hands during trading, a decline of 83% from the average session volume of 1,605,081 shares. The stock had previously closed at $24.49.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MT shares. Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their price target for the company from $30.00 to $32.90 in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and upped their price objective for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal Stock Up 3.2 %

The firm’s 50 day simple moving average is $24.46 and its 200-day simple moving average is $24.04. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $20.35 billion, a price-to-earnings ratio of -17.92, a price-to-earnings-growth ratio of 0.46 and a beta of 1.77.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The business had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. ArcelorMittal’s revenue was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.10 earnings per share. Equities analysts expect that ArcelorMittal S.A. will post 3 earnings per share for the current fiscal year.

Institutional Trading of ArcelorMittal

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Maple Rock Capital Partners Inc. acquired a new position in ArcelorMittal during the first quarter worth approximately $36,406,000. FMR LLC boosted its stake in shares of ArcelorMittal by 46.7% during the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after acquiring an additional 419,465 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of ArcelorMittal by 2,038.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 822,426 shares of the basic materials company’s stock worth $18,858,000 after acquiring an additional 783,965 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in ArcelorMittal by 90.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock valued at $16,343,000 after acquiring an additional 295,682 shares during the period. Finally, Encompass Capital Advisors LLC acquired a new stake in ArcelorMittal during the 2nd quarter valued at $12,679,000. 9.88% of the stock is owned by institutional investors.

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.