ArcelorMittal (NYSE:MT) Trading Up 6.7% – Here’s Why

ArcelorMittal (NYSE:MT) shares were up 6.7% during mid-day trading on Thursday . The stock traded as high as $63.66 and last traded at $63.2140. Approximately 1,456,850 shares changed hands during trading, a decline of 24% from the average session volume of 1,922,570 shares. The stock had previously closed at $59.26.

Analyst Ratings Changes

A number of analysts have commented on MT shares. KeyCorp began coverage on ArcelorMittal in a research report on Wednesday, March 25th. They issued a “sector weight” rating for the company. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to an “underweight” rating in a research report on Monday, March 9th. Wells Fargo & Company upped their target price on ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Weiss Ratings upgraded ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Finally, Santander cut ArcelorMittal from an “outperform” rating to a “neutral” rating in a research report on Tuesday, April 21st. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, ArcelorMittal currently has a consensus rating of “Hold” and a consensus target price of $61.07.

ArcelorMittal Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.54. The firm has a market cap of $49.12 billion, a P/E ratio of 16.64, a PEG ratio of 0.51 and a beta of 1.55. The stock’s 50 day moving average is $63.96 and its two-hundred day moving average is $57.80.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. The firm had revenue of $15.46 billion during the quarter, compared to analysts’ expectations of $17.04 billion. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.05 earnings per share. As a group, equities analysts predict that ArcelorMittal will post 4.72 EPS for the current year.

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Investment Advisers boosted its stake in ArcelorMittal by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock valued at $838,000 after buying an additional 190 shares in the last quarter. TD Waterhouse Canada Inc. lifted its holdings in shares of ArcelorMittal by 11.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock valued at $98,000 after acquiring an additional 216 shares during the period. True Wealth Design LLC boosted 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 valued at $36,000 after purchasing an additional 234 shares in the last quarter. Aaron Wealth Advisors LLC boosted its stake in shares of ArcelorMittal by 4.9% in the 1st quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company’s stock valued at $295,000 after purchasing an additional 263 shares in the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of ArcelorMittal by 16.4% in the 4th quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock worth $112,000 after purchasing an additional 346 shares during the last quarter. Institutional investors own 9.29% of the company’s stock.

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.