ArcelorMittal (NYSE:MT) Sets New 12-Month High Following Analyst Upgrade

ArcelorMittal (NYSE:MT) reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $39.00 to $47.00. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal traded as high as $50.54 and last traded at $50.6440, with a volume of 72521 shares traded. The stock had previously closed at $48.83.

Several other equities analysts have also recently weighed in on MT. Oddo Bhf upgraded shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 14th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Wall Street Zen cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Finally, UBS Group lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $40.98.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently made changes to their positions in MT. Venturi Wealth Management LLC bought a new stake in ArcelorMittal during the 4th quarter valued at approximately $202,000. Darwin Wealth Management LLC bought a new position in ArcelorMittal in the 4th quarter worth approximately $1,126,000. Aaron Wealth Advisors LLC purchased a new stake in ArcelorMittal during the 4th quarter valued at approximately $246,000. Signaturefd LLC raised its position in shares of ArcelorMittal by 1.3% during the fourth quarter. Signaturefd LLC now owns 34,025 shares of the basic materials company’s stock valued at $1,551,000 after buying an additional 448 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in shares of ArcelorMittal during the fourth quarter valued at approximately $236,000. Institutional investors own 9.29% of the company’s stock.

ArcelorMittal Price Performance

The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The firm’s fifty day moving average price is $45.03 and its 200 day moving average price is $38.78. The stock has a market cap of $41.37 billion, a PE ratio of 15.89, a P/E/G ratio of 0.19 and a beta of 1.52.

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

ArcelorMittal Company Profile

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.