ArcelorMittal (NYSE:MT) Hits New 12-Month High Following Analyst Upgrade

ArcelorMittal (NYSE:MT)’s stock price hit a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $47.00 to $54.00. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal traded as high as $61.49 and last traded at $61.3690, with a volume of 284043 shares traded. The stock had previously closed at $61.30.

A number of other analysts also recently issued reports on the stock. UBS Group downgraded shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a report on Monday, November 17th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Thursday, January 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, January 21st. JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday, November 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $49.00 price objective on shares of ArcelorMittal in a research report on Wednesday, November 26th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.73.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MT. True Wealth Design LLC grew its holdings in shares of ArcelorMittal by 41.4% during the fourth 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 in the last quarter. State of Wyoming acquired a new position in ArcelorMittal during the third quarter worth about $36,000. Allworth Financial LP grew its stake in ArcelorMittal by 91.5% during the 4th quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after acquiring an additional 538 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after acquiring an additional 501 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in ArcelorMittal by 392.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after purchasing an additional 1,396 shares in the last quarter. 9.29% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Price Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36. The firm has a market capitalization of $48.12 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 0.61 and a beta of 1.52. The stock’s 50 day simple moving average is $48.75 and its two-hundred day simple moving average is $40.81.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.30. The firm had revenue of $14.97 billion for the quarter, compared to the consensus estimate of $15.56 billion. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The firm’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. On average, sell-side analysts forecast that ArcelorMittal will post 3.72 EPS for the current 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.