ArcelorMittal (NYSE:MT) Sees Unusually-High Trading Volume Following Analyst Upgrade

ArcelorMittal (NYSE:MT) shares saw unusually-high trading volume on Wednesday after Morgan Stanley upgraded the stock from an equal weight rating to an overweight rating. Approximately 1,539,328 shares were traded during trading, an increase of 31% from the previous session’s volume of 1,171,538 shares.The stock last traded at $48.2270 and had previously closed at $47.31.

MT has been the subject of a number of other research reports. Wells Fargo & Company reissued a “cautious” rating and issued a $39.00 target price (up previously from $33.00) on shares of ArcelorMittal in a report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Finally, UBS Group lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Four research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $38.98.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC lifted its holdings in ArcelorMittal by 75.0% in the 1st quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock valued at $982,000 after purchasing an additional 14,593 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of ArcelorMittal by 32,748.6% during the first quarter. Jones Financial Companies Lllp now owns 35,805 shares of the basic materials company’s stock valued at $1,033,000 after buying an additional 35,696 shares during the period. Bayforest Capital Ltd boosted its position in ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock worth $66,000 after acquiring an additional 440 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 501 shares during the period. Finally, Gallacher Capital Management LLC raised its holdings in ArcelorMittal by 4.5% in the 2nd quarter. Gallacher Capital Management LLC now owns 12,840 shares of the basic materials company’s stock valued at $406,000 after acquiring an additional 553 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Trading Down 1.1%

The business has a 50 day simple moving average of $42.97 and a two-hundred day simple moving average of $37.57. The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19. The company has a market cap of $36.71 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 earnings per share. On average, analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal 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.