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

ArcelorMittal (NYSE:MT)’s stock price gapped up before the market opened 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 trading hands.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. UBS Group downgraded ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Oddo Bhf upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a research report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $49.00 target price on shares of ArcelorMittal in a research report on Wednesday, November 26th. Finally, Morgan Stanley raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 6th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $40.98.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently modified their holdings of the business. State of Wyoming purchased a new stake in ArcelorMittal during the 3rd quarter valued at about $36,000. True Wealth Design LLC boosted its holdings in shares of ArcelorMittal by 41.4% during the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 234 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of ArcelorMittal by 44.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 501 shares in the last quarter. Farther Finance Advisors LLC lifted its position in ArcelorMittal by 392.1% during the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after buying an additional 1,396 shares in the last quarter. Finally, CWM LLC boosted its stake in ArcelorMittal by 23.3% during the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock worth $66,000 after buying an additional 345 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Stock Up 5.6%

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 business has a 50 day simple moving average of $44.77 and a 200-day simple moving average of $38.68. The firm has a market capitalization of $41.94 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data 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 firm had revenue of $15.66 billion during the quarter, compared to analyst estimates of $15.88 billion. During the same quarter in the prior year, the firm posted $0.63 earnings per share. ArcelorMittal’s quarterly revenue was up 3.0% on a year-over-year basis. On average, equities analysts expect that ArcelorMittal will post 3.72 EPS for the current 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.