ArcelorMittal (NYSE:MT) Shares Gap Up – Still a Buy?

ArcelorMittal (NYSE:MT) shares gapped up prior to trading on Monday . The stock had previously closed at $47.76, but opened at $50.64. ArcelorMittal shares last traded at $51.6810, with a volume of 666,089 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have commented on MT shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of ArcelorMittal in a research report on Friday, February 6th. Santander upgraded shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 5th. Morgan Stanley reiterated an “overweight” rating on shares of ArcelorMittal in a report on Tuesday, February 17th. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Finally, Jefferies Financial Group upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.10 to $73.20 in a research note on Wednesday, February 11th. Six analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $51.98.

ArcelorMittal Stock Performance

The stock has a market capitalization of $40.39 billion, a PE ratio of 12.72, a PEG ratio of 0.42 and a beta of 1.48. The company has a quick ratio of 0.53, a current ratio of 1.36 and a debt-to-equity ratio of 0.19. The firm has a 50 day moving average price of $57.02 and a 200-day moving average price of $46.24.

ArcelorMittal (NYSE:MT) last released its earnings results 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 during 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 company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 earnings per share. Research analysts expect that ArcelorMittal will post 3.72 EPS for the current fiscal year.

ArcelorMittal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Friday, November 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, November 13th. ArcelorMittal’s payout ratio is presently 12.44%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. State of Wyoming purchased a new stake in ArcelorMittal in the third quarter valued at $36,000. True Wealth Design LLC raised its stake in shares of ArcelorMittal by 41.4% during the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after buying an additional 234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of ArcelorMittal in the 4th quarter valued at about $44,000. Geneos Wealth Management Inc. lifted its holdings in shares of 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 buying an additional 501 shares during the period. Finally, Allworth Financial LP boosted its stake in shares of ArcelorMittal by 91.5% in the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock worth $51,000 after buying an additional 538 shares during the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

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.