ArcelorMittal (NYSE:MT) Shares Up 7.1% – Here’s Why

ArcelorMittal S.A. (NYSE:MT)’s stock price traded up 7.1% on Wednesday . The company traded as high as $32.39 and last traded at $32.40. 2,496,272 shares changed hands during trading, an increase of 47% from the average session volume of 1,697,984 shares. The stock had previously closed at $30.26.

Wall Street Analyst Weigh In

MT has been the topic of several recent analyst reports. Morgan Stanley cut shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday, February 14th. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and raised their price target for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.35 and a quick ratio of 0.59. The stock has a market capitalization of $27.18 billion, a PE ratio of 20.11, a PEG ratio of 0.14 and a beta of 1.74. The company has a 50 day moving average price of $25.75 and a 200-day moving average price of $24.79.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.31%. As a group, analysts forecast that ArcelorMittal S.A. will post 3.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in shares of ArcelorMittal by 221.3% in the 4th quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company’s stock valued at $78,712,000 after purchasing an additional 2,344,020 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in ArcelorMittal by 146.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,535,319 shares of the basic materials company’s stock valued at $35,512,000 after buying an additional 912,984 shares during the period. ABC Arbitrage SA bought a new stake in shares of ArcelorMittal during the 4th quarter valued at $9,895,000. FMR LLC grew its position in shares of ArcelorMittal by 46.7% in the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after buying an additional 419,465 shares during the period. Finally, OLD Mission Capital LLC increased its stake in shares of ArcelorMittal by 145.8% in the 4th quarter. OLD Mission Capital LLC now owns 678,350 shares of the basic materials company’s stock worth $15,690,000 after acquiring an additional 402,402 shares in the last quarter. 9.29% of the stock is owned by institutional investors.

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.