ArcelorMittal (NYSE:MT) Share Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

ArcelorMittal (NYSE:MT)’s share price passed 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 changing hands.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Santander cut shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $70.00 price objective on shares of ArcelorMittal in a research note on Tuesday, July 7th. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a research note on Friday, July 10th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.40.

ArcelorMittal Price Performance

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 company has a 50 day moving average price of $65.30 and a 200 day moving average price of $59.57. The firm has a market cap of $51.05 billion, a PE ratio of 17.29, a PEG ratio of 0.50 and a beta of 1.55.

ArcelorMittal (NYSE:MT) last issued 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. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The firm had revenue of $15.46 billion during the quarter, compared to the consensus estimate of $17.04 billion. During the same period last year, the company earned $1.05 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Sell-side analysts expect that ArcelorMittal will post 4.91 EPS for the current fiscal year.

Institutional Trading of ArcelorMittal

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in shares of ArcelorMittal by 75.0% in the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock valued at $982,000 after acquiring an additional 14,593 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 501 shares in the last quarter. Cetera Investment Advisers acquired a new stake in ArcelorMittal in the second quarter valued at about $232,000. Russell Investments Group Ltd. lifted its position in ArcelorMittal by 9.4% in the second quarter. Russell Investments Group Ltd. now owns 37,029 shares of the basic materials company’s stock valued at $1,169,000 after purchasing an additional 3,171 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in ArcelorMittal by 268.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 1,765 shares during the period. Institutional investors and hedge funds own 9.29% of the company’s stock.

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.