ArcelorMittal (NYSE:MT) Reaches New 12-Month High – What’s Next?

ArcelorMittal (NYSE:MT)’s share price hit a new 52-week high on Monday . The stock traded as high as $66.98 and last traded at $66.8350, with a volume of 1605795 shares. The stock had previously closed at $65.20.

Analyst Upgrades and Downgrades

MT has been the topic of a number of recent research reports. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research note on Friday, February 13th. JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. Santander raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, January 21st. Finally, Wells Fargo & Company raised their target price on shares of ArcelorMittal from $47.00 to $54.00 and gave the company an “equal weight” rating in a report on Friday, February 6th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and an average price target of $51.98.

ArcelorMittal Trading Up 2.5%

The company has a market cap of $51.80 billion, a P/E ratio of 16.30, a PEG ratio of 0.57 and a beta of 1.52. The firm’s 50 day moving average is $52.32 and its two-hundred day moving average is $42.82. The company has a quick ratio of 0.53, a current ratio of 1.36 and a debt-to-equity ratio of 0.19.

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

ArcelorMittal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Friday, November 13th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, November 13th. ArcelorMittal’s dividend payout ratio (DPR) is presently 12.44%.

Hedge Funds Weigh In On ArcelorMittal

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers grew its position in ArcelorMittal by 1.0% during the fourth quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock valued at $838,000 after acquiring an additional 190 shares during the period. TD Waterhouse Canada Inc. grew its position in shares of ArcelorMittal by 11.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock worth $98,000 after buying an additional 216 shares in the last quarter. True Wealth Design LLC grew its stake in ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 234 shares in the last quarter. Merit Financial Group LLC raised its position in shares of 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 acquiring an additional 283 shares in the last quarter. Finally, GK Wealth Management LLC raised its stake in ArcelorMittal by 4.1% during the third quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock worth $258,000 after acquiring an additional 284 shares during the period. 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.