ArcelorMittal (NYSE:MT) Shares Gap Up – What’s Next?

ArcelorMittal S.A. (NYSE:MT) shares gapped up prior to trading on Monday . The stock had previously closed at $27.74, but opened at $30.27. ArcelorMittal shares last traded at $30.14, with a volume of 966,285 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Morgan Stanley cut shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 14th. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $30.00 to $32.90 in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Stock Up 11.3 %

The business’s 50 day moving average price is $25.33 and its 200-day moving average price is $24.67. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.59 and a current ratio of 1.35. The firm has a market capitalization of $27.60 billion, a PE ratio of 20.42, a P/E/G ratio of 0.14 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last announced its earnings results 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, equities research analysts forecast that ArcelorMittal S.A. will post 3.72 earnings per share for the current year.

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors have recently bought and sold shares of MT. Geneos Wealth Management Inc. increased its holdings in ArcelorMittal by 89.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 536 shares during the period. GAMMA Investing LLC increased its stake in shares of ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after buying an additional 595 shares during the period. BNP Paribas Financial Markets raised its holdings in ArcelorMittal by 76.2% in the fourth quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company’s stock valued at $113,000 after acquiring an additional 2,110 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in ArcelorMittal by 76.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock worth $137,000 after acquiring an additional 2,586 shares during the last quarter. Finally, Callan Family Office LLC acquired a new position in ArcelorMittal during the 4th quarter worth approximately $207,000. 9.29% of the stock is owned by institutional investors and hedge funds.

About ArcelorMittal

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.