ArcelorMittal (NYSE:MT) Stock Crosses Above 200 Day Moving Average – Should You Sell?

ArcelorMittal (NYSE:MT)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $59.57 and traded as high as $67.16. ArcelorMittal shares last traded at $65.8710, with a volume of 1,958,802 shares.

Wall Street Analyst Weigh In

MT has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on shares of ArcelorMittal from $61.00 to $62.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Santander downgraded shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Finally, KeyCorp initiated coverage on ArcelorMittal in a research note on Wednesday, March 25th. They set a “sector weight” rating for the company. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $68.40.

ArcelorMittal Stock Down 0.6%

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. The stock has a market capitalization of $51.23 billion, a P/E ratio of 17.35, a P/E/G ratio of 0.50 and a beta of 1.55. The firm has a 50-day simple moving average of $65.34 and a 200 day simple moving average of $59.72.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04. The company had revenue of $15.46 billion for the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.05 earnings per share. On average, equities research analysts forecast that ArcelorMittal will post 4.89 EPS for the current year.

Institutional Trading of ArcelorMittal

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in ArcelorMittal by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,232,495 shares of the basic materials company’s stock worth $168,008,000 after buying an additional 11,503 shares during the period. Maple Rock Capital Partners Inc. increased its stake in shares of ArcelorMittal by 42.4% in the fourth quarter. Maple Rock Capital Partners Inc. now owns 1,630,600 shares of the basic materials company’s stock valued at $74,306,000 after buying an additional 485,400 shares during the period. UBS Group AG raised its position in shares of ArcelorMittal by 405.2% during the third quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after acquiring an additional 947,532 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of ArcelorMittal by 15.6% in the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock worth $34,267,000 after acquiring an additional 128,045 shares during the period. Finally, Retirement Systems of Alabama acquired a new position in shares of ArcelorMittal in the fourth quarter worth approximately $30,721,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.