ArcelorMittal (NYSE:MT) Stock Breaks Above Two Hundred Day Moving Average – Here’s Why

Shares of ArcelorMittal (NYSE:MT) crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $63.99 and traded as high as $64.51. ArcelorMittal shares last traded at $64.1880, with a volume of 1,250,458 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on MT shares. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Thursday, October 15th. Weiss Ratings lowered shares of ArcelorMittal from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, October 29th. Deutsche Bank set a $79.00 price target on shares of ArcelorMittal and gave the company a “buy” rating in a report on Monday, October 5th. Wells Fargo & Company reduced their price target on shares of ArcelorMittal from $69.00 to $64.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 6th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, September 23rd. Eight equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.55.

ArcelorMittal Stock Performance

The stock has a market capitalization of $51.23 billion, a PE ratio of 18.00, a P/E/G ratio of 0.80 and a beta of 1.55. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 1.41. The firm has a 50 day moving average of $66.80 and a 200-day moving average of $64.12.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 5th. The basic materials company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.35. The company had revenue of $16.47 billion for the quarter, compared to analysts’ expectations of $17.77 billion. ArcelorMittal had a return on equity of 4.89% and a net margin of 1.64%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 EPS. Research analysts forecast that ArcelorMittal will post 2.99 earnings per share for the current year.

Institutional Trading of ArcelorMittal

Several institutional investors have recently made changes to their positions in MT. Maple Rock Capital Partners Inc. increased its stake in ArcelorMittal by 54.9% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,190,860 shares of the basic materials company’s stock valued at $131,934,000 after buying an additional 776,595 shares during the period. ABC Arbitrage SA acquired a new stake in shares of ArcelorMittal during the 1st quarter valued at $3,819,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of ArcelorMittal by 1,317.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 75,105 shares of the basic materials company’s stock valued at $3,904,000 after buying an additional 69,805 shares during the period. First Trust Advisors LP boosted its stake in shares of ArcelorMittal by 275.8% during the 1st quarter. First Trust Advisors LP now owns 55,311 shares of the basic materials company’s stock valued at $2,875,000 after buying an additional 40,593 shares during the period. Finally, Icon Advisers Inc. Co. grew its holdings in shares of ArcelorMittal by 140.7% during the 1st quarter. Icon Advisers Inc. Co. now owns 65,000 shares of the basic materials company’s stock valued at $3,379,000 after acquiring an additional 38,000 shares in the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

About ArcelorMittal

ArcelorMittal is a global steel and mining company that produces steel products for customers across industries including automotive, construction, energy, appliances and packaging. Its offerings include flat and long steel products, as well as iron ore and metallurgical coal used in steelmaking. The company operates across the Americas, Europe and other regions, combining mining and steelmaking activities with research and product development. ArcelorMittal was formed in 2006 through the merger of Arcelor and Mittal Steel.