ArcelorMittal (NYSE:MT) Sets New 12-Month High – Here’s Why

ArcelorMittal (NYSE:MT)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $41.91 and last traded at $42.0040, with a volume of 284291 shares trading hands. The stock had previously closed at $40.62.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MT shares. JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Wells Fargo & Company reissued a “cautious” rating and issued a $39.00 price objective (up previously from $33.00) on shares of ArcelorMittal in a research note on Thursday, October 23rd. Finally, Wall Street Zen lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $38.98.

ArcelorMittal Stock Performance

The stock has a 50 day moving average of $38.54 and a 200 day moving average of $34.49. The company has a market capitalization of $35.35 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 0.17 and a beta of 1.72. The company has a quick ratio of 0.59, a current ratio of 1.40 and a debt-to-equity ratio of 0.19.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm had revenue of $15.66 billion during the quarter, compared to analyst estimates of $15.88 billion. During the same quarter last year, the business earned $0.63 EPS. The company’s revenue was up 3.0% compared to the same quarter last year. As a group, analysts predict that ArcelorMittal will post 3.72 EPS for the current year.

Institutional Trading of ArcelorMittal

Institutional investors have recently bought and sold shares of the company. State of Wyoming acquired a new stake in ArcelorMittal during the 3rd quarter worth about $36,000. SVB Wealth LLC bought a new stake in shares of ArcelorMittal during the 1st quarter valued at about $43,000. Geneos Wealth Management Inc. grew its stake in ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 501 shares during the period. Farther Finance Advisors LLC grew its stake in ArcelorMittal by 392.1% during the third 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 during the period. Finally, CWM LLC increased its holdings in ArcelorMittal by 23.3% in the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock worth $66,000 after purchasing an additional 345 shares in the last quarter. Institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.