ArcelorMittal (NYSE:MT) Hits New 52-Week High – What’s Next?

ArcelorMittal (NYSE:MT) hit a new 52-week high on Friday . The company traded as high as $36.91 and last traded at $36.71, with a volume of 172909 shares. The stock had previously closed at $36.19.

Analyst Upgrades and Downgrades

MT has been the subject of several research analyst reports. Wells Fargo & Company upgraded shares of ArcelorMittal to a “hold” rating in a research report on Thursday, August 14th. Wall Street Zen downgraded shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Finally, Barclays downgraded ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 16th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, ArcelorMittal currently has an average rating of “Hold” and a consensus price target of $33.45.

ArcelorMittal Stock Performance

The company has a quick ratio of 0.59, a current ratio of 1.40 and a debt-to-equity ratio of 0.19. The stock has a 50 day simple moving average of $33.75 and a two-hundred day simple moving average of $31.44. The stock has a market capitalization of $30.29 billion, a P/E ratio of 11.41, a P/E/G ratio of 0.16 and a beta of 1.64.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.01). ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm had revenue of $15.93 billion during the quarter, compared to the consensus estimate of $15.48 billion. During the same period in the prior year, the business posted $0.63 earnings per share. ArcelorMittal’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, equities analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. grew its holdings in ArcelorMittal by 16.2% during the second quarter. Osaic Holdings Inc. now owns 16,796 shares of the basic materials company’s stock worth $530,000 after purchasing an additional 2,338 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of ArcelorMittal by 8.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 123,457 shares of the basic materials company’s stock worth $3,899,000 after acquiring an additional 9,401 shares during the period. Vident Advisory LLC boosted its stake in shares of ArcelorMittal by 4.8% during the 2nd quarter. Vident Advisory LLC now owns 18,878 shares of the basic materials company’s stock worth $596,000 after acquiring an additional 869 shares during the period. Cubist Systematic Strategies LLC boosted its position in ArcelorMittal by 15.9% during the second quarter. Cubist Systematic Strategies LLC now owns 211,326 shares of the basic materials company’s stock worth $6,674,000 after purchasing an additional 28,915 shares during the period. Finally, Boothbay Fund Management LLC boosted its position in ArcelorMittal by 22.8% during the second quarter. Boothbay Fund Management LLC now owns 113,884 shares of the basic materials company’s stock worth $3,596,000 after purchasing an additional 21,130 shares during the period. Institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

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.