ArcelorMittal (NYSE:MT) Shares Gap Up – Still a Buy?

ArcelorMittal S.A. (NYSE:MT)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $25.48, but opened at $27.40. ArcelorMittal shares last traded at $27.98, with a volume of 1,114,629 shares traded.

Analyst Upgrades and Downgrades

MT has been the subject of several research analyst reports. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and raised their price objective for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Trading Down 1.7 %

The stock has a market cap of $22.82 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 0.56 and a beta of 1.74. The business has a fifty day simple moving average of $23.97 and a 200 day simple moving average of $23.83. 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 (NYSE:MT) last posted its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.24% and a net margin of 2.14%. As a group, equities analysts anticipate that ArcelorMittal S.A. will post 3.6 EPS for the current year.

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors and hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. increased its stake in ArcelorMittal by 89.6% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 536 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of ArcelorMittal by 68.5% in the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 595 shares during the period. US Bancorp DE boosted its position in ArcelorMittal by 5.0% during the 4th quarter. US Bancorp DE now owns 15,085 shares of the basic materials company’s stock worth $349,000 after purchasing an additional 717 shares during the period. Dorsey & Whitney Trust CO LLC increased its holdings in ArcelorMittal by 9.1% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 9,545 shares of the basic materials company’s stock valued at $221,000 after purchasing an additional 797 shares in the last quarter. Finally, HighTower Advisors LLC raised its position in ArcelorMittal by 11.6% in the fourth quarter. HighTower Advisors LLC now owns 13,746 shares of the basic materials company’s stock valued at $318,000 after purchasing an additional 1,426 shares during the period. Hedge funds and other institutional investors 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.