Stock Traders Purchase High Volume of Call Options on ArcelorMittal (NYSE:MT)

ArcelorMittal SA (NYSE:MT) saw some unusual options trading activity on Tuesday. Stock traders acquired 59,575 call options on the company. This is an increase of approximately 950% compared to the typical volume of 5,673 call options.

A number of research firms have recently commented on MT. ValuEngine raised shares of ArcelorMittal from a “hold” rating to a “buy” rating in a research note on Thursday, April 9th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of ArcelorMittal in a research note on Thursday, May 14th. Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a research note on Tuesday, June 23rd. Deutsche Bank reissued a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, May 13th. Finally, Independent Research raised shares of ArcelorMittal to a “buy” rating and set a $11.00 target price for the company in a research note on Tuesday, May 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. ArcelorMittal currently has a consensus rating of “Buy” and a consensus target price of $17.40.

Shares of ArcelorMittal stock traded up $0.05 on Tuesday, reaching $10.62. The company had a trading volume of 4,938,168 shares, compared to its average volume of 6,148,863. The firm’s 50 day moving average price is $10.05 and its two-hundred day moving average price is $12.79. The firm has a market cap of $10.28 billion, a PE ratio of -2.63 and a beta of 2.09. ArcelorMittal has a 52-week low of $6.64 and a 52-week high of $18.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.50 and a current ratio of 1.25.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, May 7th. The basic materials company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.61). ArcelorMittal had a negative net margin of 6.02% and a negative return on equity of 2.12%. The company had revenue of $14.84 billion during the quarter, compared to analysts’ expectations of $15.75 billion. During the same period last year, the firm posted $0.52 earnings per share. ArcelorMittal’s revenue was down 22.6% on a year-over-year basis. As a group, sell-side analysts predict that ArcelorMittal will post -1.68 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in MT. Tower Research Capital LLC TRC purchased a new stake in ArcelorMittal during the 4th quarter worth approximately $48,000. Invesco Ltd. increased its position in shares of ArcelorMittal by 17.5% in the 1st quarter. Invesco Ltd. now owns 13,934 shares of the basic materials company’s stock valued at $130,000 after purchasing an additional 2,079 shares during the last quarter. Wetherby Asset Management Inc. increased its position in shares of ArcelorMittal by 12.7% in the 1st quarter. Wetherby Asset Management Inc. now owns 16,839 shares of the basic materials company’s stock valued at $157,000 after purchasing an additional 1,903 shares during the last quarter. Atlas Capital Advisors LLC increased its position in shares of ArcelorMittal by 2,806.7% in the 1st quarter. Atlas Capital Advisors LLC now owns 18,341 shares of the basic materials company’s stock valued at $171,000 after purchasing an additional 17,710 shares during the last quarter. Finally, GWM Advisors LLC purchased a new stake in shares of ArcelorMittal in the 1st quarter valued at approximately $187,000. 3.13% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Company Profile

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.

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