ArcelorMittal (NYSE:MT) Sets New 52-Week High – Here’s What Happened

Shares of ArcelorMittal (NYSE:MT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $79.68 and last traded at $77.1370, with a volume of 1131859 shares changing hands. The stock had previously closed at $78.74.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MT. Wells Fargo & Company raised their price objective on shares of ArcelorMittal from $62.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of ArcelorMittal in a research note on Friday. Morgan Stanley initiated coverage on ArcelorMittal in a report on Monday, August 24th. They set an “overweight” rating and a $82.00 price target on the stock. Weiss Ratings cut ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Five research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $74.80.

ArcelorMittal Stock Performance

The company has a market cap of $59.78 billion, a PE ratio of 32.69, a P/E/G ratio of 0.59 and a beta of 1.55. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43. The stock’s 50-day simple moving average is $70.30 and its 200 day simple moving average is $64.14.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.28). ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The firm had revenue of $16.76 billion during the quarter, compared to analysts’ expectations of $17.56 billion. During the same period in the previous year, the firm earned $1.32 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. As a group, equities analysts anticipate that ArcelorMittal will post 4.48 EPS for the current year.

Institutional Investors Weigh In On ArcelorMittal

A number of institutional investors have recently added to or reduced their stakes in the business. Maple Rock Capital Partners Inc. acquired a new position in ArcelorMittal during the 3rd quarter worth approximately $41,399,000. UBS Group AG boosted its stake in shares of ArcelorMittal by 405.2% in the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock valued at $42,706,000 after buying an additional 947,532 shares in the last quarter. Senator Investment Group LP acquired a new position in ArcelorMittal during the fourth quarter worth $26,431,000. Auto Owners Insurance Co grew its holdings in ArcelorMittal by 4,457.0% during the fourth quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock worth $1,675,000 after acquiring an additional 359,502 shares during the period. Finally, Man Group plc purchased a new position in ArcelorMittal in the third quarter worth $11,720,000. Hedge funds and other institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal SA is a global steel and mining company with operations spanning the Americas, Europe and Africa. The company produces and sells steel products for industries including automotive, construction, infrastructure, energy, packaging and general manufacturing.

Its portfolio includes flat steel, long steel, tubular products and tailored solutions designed for specific industrial applications. ArcelorMittal also operates iron ore mining and processing activities, which supply raw materials for its steelmaking operations and support its vertically integrated business model.

ArcelorMittal was formed in 2006 through the merger of Arcelor and Mittal Steel.