ArcelorMittal (NYSE:MT) Short Interest Up 70.7% in December

ArcelorMittal (NYSE:MT) was the recipient of a large growth in short interest in December. As of December 15th, there was short interest totaling 2,928,345 shares, a growth of 70.7% from the November 30th total of 1,715,465 shares. Based on an average daily volume of 1,504,272 shares, the short-interest ratio is currently 1.9 days. Approximately 0.4% of the shares of the stock are sold short. Approximately 0.4% of the shares of the stock are sold short. Based on an average daily volume of 1,504,272 shares, the short-interest ratio is currently 1.9 days.

Hedge Funds Weigh In On ArcelorMittal

A number of institutional investors have recently added to or reduced their stakes in MT. Charles Schwab Investment Management Inc. raised its position in shares of ArcelorMittal by 12.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 76,010 shares of the basic materials company’s stock valued at $2,193,000 after acquiring an additional 8,448 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of ArcelorMittal by 232.6% in the 1st quarter. Russell Investments Group Ltd. now owns 33,858 shares of the basic materials company’s stock worth $977,000 after buying an additional 23,678 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in shares of ArcelorMittal by 3.0% in the 1st quarter. Evergreen Capital Management LLC now owns 14,097 shares of the basic materials company’s stock valued at $407,000 after buying an additional 405 shares during the period. Vident Advisory LLC boosted its holdings in shares of ArcelorMittal by 43.1% in the 1st quarter. Vident Advisory LLC now owns 18,009 shares of the basic materials company’s stock valued at $520,000 after buying an additional 5,423 shares during the period. Finally, Caption Management LLC bought a new stake in shares of ArcelorMittal during the 1st quarter valued at about $288,000. Institutional investors and hedge funds own 9.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MT shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $49.00 price target on shares of ArcelorMittal in a research note on Wednesday, November 26th. UBS Group cut shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Wall Street Zen downgraded shares of 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. Finally, Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $38.98.

ArcelorMittal Trading Down 1.4%

Shares of MT stock traded down $0.66 during trading hours on Monday, hitting $45.59. 775,144 shares of the company were exchanged, compared to its average volume of 1,215,764. ArcelorMittal has a 1 year low of $21.59 and a 1 year high of $46.60. The firm has a fifty day moving average of $41.74 and a 200 day moving average of $36.76. The firm has a market cap of $35.33 billion, a PE ratio of 13.57, a PEG ratio of 0.20 and a beta of 1.58. The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19.

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 business had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. During the same period in the prior year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. Analysts expect 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.