ArcelorMittal (NYSE:MT) Stock Price Up 7.1% – What’s Next?

ArcelorMittal S.A. (NYSE:MT) shot up 7.1% during trading on Wednesday . The company traded as high as $32.39 and last traded at $32.40. 2,496,272 shares changed hands during mid-day trading, an increase of 47% from the average session volume of 1,697,984 shares. The stock had previously closed at $30.26.

Analyst Ratings Changes

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

ArcelorMittal Stock Down 2.2 %

The company’s 50 day simple moving average is $25.75 and its 200-day simple moving average is $24.79. 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 firm has a market cap of $27.18 billion, a P/E ratio of 20.11, a PEG ratio of 0.14 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.31%. Research analysts forecast that ArcelorMittal S.A. will post 3.72 earnings per share for the current fiscal year.

Institutional Trading of ArcelorMittal

A number of hedge funds have recently bought and sold shares of MT. Geneos Wealth Management Inc. boosted its position in ArcelorMittal by 89.6% in the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 536 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of ArcelorMittal by 68.5% in the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after buying an additional 595 shares during the last quarter. BNP Paribas Financial Markets grew its position in ArcelorMittal by 76.2% during the fourth quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company’s stock valued at $113,000 after buying an additional 2,110 shares during the period. Smartleaf Asset Management LLC increased its holdings in ArcelorMittal by 76.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock valued at $137,000 after buying an additional 2,586 shares during the last quarter. Finally, Callan Family Office LLC bought a new position in ArcelorMittal in the fourth quarter worth approximately $207,000. Hedge funds and other institutional investors 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.