ArcelorMittal (NYSE:MT) Shares Gap Up – Should You Buy?

by · The Cerbat Gem

Shares of ArcelorMittal (NYSE:MT – Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $53.97, but opened at $55.86. ArcelorMittal shares last traded at $56.04, with a volume of 889,079 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Wall Street Zen cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research note on Thursday, January 22nd. JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Finally, Wells Fargo & Company raised their target price on shares of ArcelorMittal from $39.00 to $47.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $40.98.

Check Out Our Latest Stock Report on ArcelorMittal

ArcelorMittal Stock Performance

The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $43.63 billion, a price-to-earnings ratio of 16.75, a P/E/G ratio of 0.19 and a beta of 1.52. The stock’s fifty day moving average is $46.87 and its two-hundred day moving average is $39.76.

ArcelorMittal (NYSE:MT – Get Free Report) last released its quarterly earnings data on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. The firm had revenue of $15.66 billion for the quarter, compared to the consensus estimate of $15.88 billion. During the same period in the previous year, the company earned $0.63 earnings per share. The company’s quarterly revenue was up 3.0% on a year-over-year basis. On average, analysts predict that ArcelorMittal will post 3.72 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MT. Maple Rock Capital Partners Inc. acquired a new position in ArcelorMittal in the 3rd quarter valued at $41,399,000. UBS Group AG increased its position in shares of ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after purchasing an additional 947,532 shares during the period. Retirement Systems of Alabama acquired a new position in ArcelorMittal in the fourth quarter valued at about $30,721,000. Man Group plc bought a new stake in ArcelorMittal during the third quarter worth about $11,720,000. Finally, Balyasny Asset Management L.P. grew its stake in ArcelorMittal by 202.2% during the third quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock worth $13,339,000 after buying an additional 246,904 shares in the last quarter. 9.29% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Company Profile

(Get Free Report)

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.

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