Short Interest in ArcelorMittal S.A. (NYSE:MT) Grows By 28.6%

ArcelorMittal S.A. (NYSE:MT) was the recipient of a significant growth in short interest in January. As of January 15th, there was short interest totalling 5,480,000 shares, a growth of 28.6% from the December 31st total of 4,260,000 shares. Approximately 0.7% of the shares of the company are sold short. Based on an average daily volume of 1,610,000 shares, the short-interest ratio is currently 3.4 days.

ArcelorMittal Price Performance

Shares of NYSE:MT traded down $0.37 during trading hours on Monday, hitting $24.34. 2,287,801 shares of the company’s stock traded hands, compared to its average volume of 1,857,376. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $28.95. The company has a market cap of $19.94 billion, a price-to-earnings ratio of -17.26, a price-to-earnings-growth ratio of 0.49 and a beta of 1.74. The company’s fifty day simple moving average is $23.86 and its two-hundred day simple moving average is $23.76.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The firm had revenue of $15.20 billion for the quarter, compared to the consensus estimate of $15.11 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. As a group, equities analysts anticipate that ArcelorMittal will post 2.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.17.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in ArcelorMittal by 68.5% during the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 595 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in ArcelorMittal by 154.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 57,106 shares of the basic materials company’s stock worth $1,500,000 after acquiring an additional 34,688 shares during the last quarter. Natixis Advisors LLC boosted its stake in shares of ArcelorMittal by 171.4% in the third quarter. Natixis Advisors LLC now owns 130,100 shares of the basic materials company’s stock valued at $3,416,000 after buying an additional 82,164 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of ArcelorMittal during the 3rd quarter worth $642,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of ArcelorMittal by 61.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 85,710 shares of the basic materials company’s stock valued at $1,965,000 after acquiring an additional 32,469 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.