ArcelorMittal (NYSE:MT) Shares Gap Up After Analyst Upgrade

ArcelorMittal (NYSE:MT) shares gapped up prior to trading on Thursday after Wells Fargo & Company raised their price target on the stock from $39.00 to $47.00. The stock had previously closed at $51.24, but opened at $53.66. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal shares last traded at $54.17, with a volume of 1,821,123 shares traded.

Other equities analysts have also issued research reports about the stock. UBS Group lowered shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Wall Street Zen cut shares of ArcelorMittal from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday, November 7th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, ArcelorMittal currently has a consensus rating of “Hold” and a consensus price target of $40.98.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently made changes to their positions in MT. True Wealth Design LLC grew its stake in shares of ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after buying an additional 234 shares in the last quarter. Merit Financial Group LLC grew its position in ArcelorMittal by 3.1% in the third quarter. Merit Financial Group LLC now owns 9,453 shares of the basic materials company’s stock worth $342,000 after acquiring an additional 283 shares in the last quarter. GK Wealth Management LLC grew its position in ArcelorMittal by 4.1% in the third quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock worth $258,000 after acquiring an additional 284 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of ArcelorMittal by 4.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock worth $232,000 after purchasing an additional 318 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of ArcelorMittal by 13.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,749 shares of the basic materials company’s stock valued at $99,000 after purchasing an additional 323 shares in the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Stock Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.58 and a current ratio of 1.39. The firm’s 50 day moving average is $45.33 and its 200-day moving average is $38.94. The firm has a market cap of $42.05 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. The company had revenue of $15.66 billion for the quarter, compared to analyst estimates of $15.88 billion. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The business’s revenue was up 3.0% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. Sell-side analysts anticipate that ArcelorMittal will post 3.72 earnings per share 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.