ArcelorMittal (NYSE:MT) Shares Gap Down – Here’s Why

Shares of ArcelorMittal (NYSE:MT) gapped down before the market opened on Thursday . The stock had previously closed at $56.64, but opened at $53.97. ArcelorMittal shares last traded at $52.22, with a volume of 346,587 shares traded.

Analysts Set New Price Targets

MT has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of ArcelorMittal in a research report on Friday, February 6th. Santander raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Thursday, February 5th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Friday, February 13th. Oddo Bhf raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Wednesday, January 14th. Finally, Morgan Stanley reissued an “overweight” rating on shares of ArcelorMittal in a report on Tuesday, February 17th. Six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $51.98.

ArcelorMittal Price Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36. The stock’s 50-day moving average is $56.46 and its two-hundred day moving average is $45.27. The stock has a market cap of $41.45 billion, a PE ratio of 13.11, a PEG ratio of 0.47 and a beta of 1.48.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.30. The company had revenue of $14.97 billion for the quarter, compared to analysts’ expectations of $15.56 billion. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 earnings per share. On average, equities analysts predict that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Friday, November 13th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, November 13th. ArcelorMittal’s payout ratio is 12.44%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MT. State of Wyoming purchased a new stake in shares of ArcelorMittal during the third quarter worth approximately $36,000. True Wealth Design LLC lifted its stake in shares of ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 234 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of ArcelorMittal in the 4th quarter worth $44,000. Geneos Wealth Management Inc. increased its stake in shares of ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 501 shares during the period. Finally, Allworth Financial LP lifted its position in ArcelorMittal by 91.5% in the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 538 shares during the period. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

About ArcelorMittal

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.