ArcelorMittal (NYSE:MT) Reaches New 1-Year High – Here’s What Happened

ArcelorMittal (NYSE:MT) reached a new 52-week high on Tuesday . The stock traded as high as $56.98 and last traded at $56.8730, with a volume of 32856 shares. The stock had previously closed at $56.51.

Analysts Set New Price Targets

A number of research firms have issued reports on MT. Morgan Stanley raised ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 6th. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Wells Fargo & Company boosted their target price on shares of ArcelorMittal from $39.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 21st. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday, November 7th. Finally, Oddo Bhf upgraded shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $40.98.

ArcelorMittal Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.58. The firm has a market cap of $44.35 billion, a P/E ratio of 17.04, a PEG ratio of 0.19 and a beta of 1.52. The stock’s 50 day moving average is $47.18 and its two-hundred day moving average is $39.93.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. increased its position in shares of ArcelorMittal by 11.2% during the 4th quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock worth $98,000 after purchasing an additional 216 shares in the last quarter. True Wealth Design LLC boosted its holdings in shares of 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 acquiring an additional 234 shares in the last quarter. Merit Financial Group LLC increased its holdings in ArcelorMittal by 3.1% during the 3rd quarter. Merit Financial Group LLC now owns 9,453 shares of the basic materials company’s stock valued at $342,000 after purchasing an additional 283 shares in the last quarter. GK Wealth Management LLC raised its position in ArcelorMittal by 4.1% in the 3rd quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock valued at $258,000 after purchasing an additional 284 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of ArcelorMittal by 4.5% during the second quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock worth $232,000 after purchasing an additional 318 shares during the last quarter. 9.29% of the stock is owned by institutional investors.

ArcelorMittal Company Profile

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.