ArcelorMittal (NYSE:MT) Reaches New 52-Week High – Still a Buy?

ArcelorMittal (NYSE:MT)’s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $48.52 and last traded at $47.8830, with a volume of 2909049 shares. The stock had previously closed at $47.31.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MT shares. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. UBS Group cut ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Wells Fargo & Company reaffirmed a “cautious” rating and issued a $39.00 price objective (up from $33.00) on shares of ArcelorMittal in a research note on Thursday, October 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $49.00 target price on shares of ArcelorMittal in a report on Wednesday, November 26th. Finally, JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday, November 7th. Four research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $38.98.

ArcelorMittal Stock Down 0.7%

The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19. The company has a 50-day simple moving average of $43.15 and a 200 day simple moving average of $37.69. The company has a market cap of $36.41 billion, a P/E ratio of 13.98, a P/E/G ratio of 0.18 and a beta of 1.52.

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

Hedge Funds Weigh In On ArcelorMittal

A number of institutional investors have recently modified their holdings of MT. True Wealth Design LLC boosted its holdings in shares of ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 234 shares during the period. State of Wyoming purchased a new stake in shares of ArcelorMittal in the 3rd quarter worth $36,000. Geneos Wealth Management Inc. grew its position in shares of ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after buying an additional 501 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of ArcelorMittal by 392.1% during the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock valued at $63,000 after buying an additional 1,396 shares during the period. Finally, CWM LLC raised its holdings in shares of ArcelorMittal by 23.3% in the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock valued at $66,000 after acquiring an additional 345 shares in the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

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.