ArcelorMittal (NYSE:MT) Sets New 1-Year High – Here’s Why

ArcelorMittal (NYSE:MT) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $68.27 and last traded at $68.11, with a volume of 215662 shares traded. The stock had previously closed at $66.08.

Analyst Ratings Changes

Several equities analysts recently issued reports on MT shares. Citigroup restated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of ArcelorMittal in a research report on Friday, February 6th. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, May 4th. Jefferies Financial Group upgraded ArcelorMittal from a “hold” rating to a “buy” rating and raised their price target for the stock from $51.10 to $73.20 in a research report on Wednesday, February 11th. Finally, JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ArcelorMittal has a consensus rating of “Hold” and a consensus price target of $61.07.

ArcelorMittal Trading Up 3.4%

The company has a current ratio of 1.39, a quick ratio of 0.54 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $57.74 and a two-hundred day simple moving average of $52.93. The firm has a market cap of $52.95 billion, a PE ratio of 17.93, a PEG ratio of 0.53 and a beta of 1.48.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. During the same quarter last year, the business posted $1.05 EPS. The business’s revenue was up 4.5% on a year-over-year basis. Equities analysts forecast that ArcelorMittal will post 4.69 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of ArcelorMittal by 75.0% during the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock valued at $982,000 after purchasing an additional 14,593 shares in the last quarter. Geneos Wealth Management Inc. boosted its position 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 valued at $47,000 after purchasing an additional 501 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of ArcelorMittal during the second quarter valued at approximately $232,000. Russell Investments Group Ltd. boosted its position in shares of ArcelorMittal by 9.4% during the second quarter. Russell Investments Group Ltd. now owns 37,029 shares of the basic materials company’s stock valued at $1,169,000 after purchasing an additional 3,171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of ArcelorMittal by 268.6% during the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 1,765 shares in the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

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.