ArcelorMittal (NYSE:MT) Sets New 12-Month High on Analyst Upgrade

ArcelorMittal (NYSE:MT)’s stock price hit a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $39.00 to $47.00. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal traded as high as $50.54 and last traded at $50.6440, with a volume of 72521 shares trading hands. The stock had previously closed at $48.83.

Other research analysts also recently issued reports about the company. Wall Street Zen downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. Morgan Stanley upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 6th. UBS Group lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Finally, The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $40.98.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Park Avenue Securities LLC purchased a new position in ArcelorMittal during the 2nd quarter valued at about $400,000. American Century Companies Inc. lifted its position in ArcelorMittal by 39.1% in the 2nd quarter. American Century Companies Inc. now owns 392,644 shares of the basic materials company’s stock worth $12,400,000 after buying an additional 110,420 shares in the last quarter. Covalis Capital LLP acquired a new stake in shares of ArcelorMittal during the 2nd quarter valued at $3,644,000. Vise Technologies Inc. acquired a new position in shares of ArcelorMittal in the second quarter worth $430,000. Finally, Arrow Capital Pty Ltd acquired a new position in shares of ArcelorMittal in the second quarter worth $5,206,000. 9.29% of the stock is owned by institutional investors and hedge funds.

ArcelorMittal Trading Up 3.7%

The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average of $44.56 and a 200-day moving average of $38.59. The stock has a market cap of $39.25 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, topping 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 firm had revenue of $15.66 billion for the quarter, compared to the consensus estimate of $15.88 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. As a group, research analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current year.

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.