ArcelorMittal (NYSE:MT) Shares Gap Up After Analyst Upgrade

ArcelorMittal (NYSE:MT)’s share price gapped up before the market opened on Thursday after Wells Fargo & Company raised their price target on the stock from $39.00 to $47.00. The stock had previously closed at $51.24, but opened at $53.66. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal shares last traded at $54.17, with a volume of 1,821,123 shares trading hands.

Other analysts have also issued reports about the company. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Wall Street Zen lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday, November 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $49.00 price target on shares of ArcelorMittal in a report on Wednesday, November 26th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $40.98.

Institutional Trading of ArcelorMittal

Several institutional investors have recently modified their holdings of MT. State of Wyoming acquired a new position in shares of ArcelorMittal during the 3rd quarter worth about $36,000. True Wealth Design LLC boosted its holdings in ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after buying an additional 234 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in 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 raised its holdings 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 acquiring an additional 1,396 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of ArcelorMittal by 23.3% during 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 during the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

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 50-day moving average price of $45.03 and a two-hundred day moving average price of $38.78. The firm has a market cap of $41.37 billion, a PE ratio of 15.89, a P/E/G ratio of 0.19 and a beta of 1.52.

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

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.