ArcelorMittal (NYSE:MT) Trading Up 6.7% – What’s Next?

ArcelorMittal (NYSE:MT)’s stock price traded up 6.7% on Thursday . The stock traded as high as $63.66 and last traded at $63.2140. Approximately 1,456,850 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 1,922,570 shares. The stock had previously closed at $59.26.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Santander downgraded shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. KeyCorp started coverage on shares of ArcelorMittal in a report on Wednesday, March 25th. They issued a “sector weight” rating on the stock. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Wells Fargo & Company lifted their price objective on shares of ArcelorMittal from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to an “underweight” rating in a research note on Monday, March 9th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $61.07.

ArcelorMittal Trading Up 5.6%

The firm has a market capitalization of $48.51 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 0.48 and a beta of 1.55. The company has a quick ratio of 0.54, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The company’s 50-day simple moving average is $63.86 and its 200 day simple moving average is $57.64.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm had revenue of $15.46 billion for the quarter, compared to the consensus estimate of $17.04 billion. During the same quarter in the previous year, the firm earned $1.05 EPS. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, sell-side analysts expect that ArcelorMittal will post 4.72 EPS for the current year.

Institutional Trading of ArcelorMittal

Hedge funds have recently modified their holdings of the stock. Maple Rock Capital Partners Inc. purchased a new position in ArcelorMittal in the third quarter valued at $41,399,000. UBS Group AG lifted its holdings in ArcelorMittal by 405.2% during the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock valued at $42,706,000 after purchasing an additional 947,532 shares in the last quarter. Retirement Systems of Alabama acquired a new stake in shares of ArcelorMittal in the fourth quarter valued at about $30,721,000. Senator Investment Group LP acquired a new stake in shares of ArcelorMittal in the fourth quarter valued at about $26,431,000. Finally, Auto Owners Insurance Co grew its position in shares of ArcelorMittal by 4,457.0% in the fourth quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock valued at $1,675,000 after purchasing an additional 359,502 shares during the period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

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.