ArcelorMittal (NYSE:MT) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of ArcelorMittal (NYSE:MT) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.93 and traded as high as $66.66. ArcelorMittal shares last traded at $66.0250, with a volume of 2,355,003 shares.

Wall Street Analyst Weigh In

MT has been the topic of several research analyst reports. Citigroup restated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Jefferies Financial Group upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and raised their target price for the stock from $51.10 to $73.20 in a report on Wednesday, February 11th. Santander downgraded shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. KeyCorp initiated coverage on shares of ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Finally, Weiss Ratings upgraded shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $61.07.

ArcelorMittal Stock Down 0.1%

The company has a market capitalization of $51.17 billion, a P/E ratio of 17.33, a PEG ratio of 0.53 and a beta of 1.48. The firm’s 50 day moving average price is $57.74 and its two-hundred day moving average price is $52.93. The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The company had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. During the same period last year, the business earned $1.05 EPS. The business’s quarterly revenue was up 4.5% on a year-over-year basis. Equities research analysts forecast that ArcelorMittal will post 4.69 EPS for the current year.

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in shares of ArcelorMittal by 28.6% in the first quarter. EverSource Wealth Advisors LLC now owns 4,580 shares of the basic materials company’s stock valued at $238,000 after buying an additional 1,019 shares in the last quarter. Recurrent Investment Advisors LLC grew its stake in shares of ArcelorMittal by 5.0% in the first quarter. Recurrent Investment Advisors LLC now owns 15,403 shares of the basic materials company’s stock valued at $801,000 after buying an additional 734 shares in the last quarter. Quantinno Capital Management LP grew its stake in shares of ArcelorMittal by 11.7% in the first quarter. Quantinno Capital Management LP now owns 335,931 shares of the basic materials company’s stock valued at $17,461,000 after buying an additional 35,298 shares in the last quarter. GC Wealth Management RIA LLC grew its stake in shares of ArcelorMittal by 4.2% in the first quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company’s stock valued at $529,000 after buying an additional 413 shares in the last quarter. Finally, Compound Planning Inc. grew its stake in shares of ArcelorMittal by 26.1% in the first quarter. Compound Planning Inc. now owns 6,413 shares of the basic materials company’s stock valued at $333,000 after buying an additional 1,326 shares in the last quarter. 9.29% of the stock is owned by 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.