ArcelorMittal (NYSE:MT) Shares Shorted: Short Interest Down 44.0% in September

ArcelorMittal (NYSE:MT) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totaling 931,170 shares, a decrease of 44.0% from the September 15th total of 1,663,191 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average daily trading volume, of 1,223,024 shares, the short-interest ratio is presently 0.8 days.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in ArcelorMittal by 16.6% in the third quarter. GAMMA Investing LLC now owns 5,051 shares of the basic materials company’s stock valued at $337,000 after acquiring an additional 718 shares during the last quarter. Farther Finance Advisors LLC grew its position in ArcelorMittal by 10.6% during the third quarter. Farther Finance Advisors LLC now owns 3,949 shares of the basic materials company’s stock valued at $264,000 after acquiring an additional 380 shares during the period. Moody National Bank Trust Division increased its stake in ArcelorMittal by 5.7% during the third quarter. Moody National Bank Trust Division now owns 3,606 shares of the basic materials company’s stock worth $241,000 after acquiring an additional 195 shares during the last quarter. Versant Capital Management Inc increased its stake in ArcelorMittal by 3.1% during the third quarter. Versant Capital Management Inc now owns 9,811 shares of the basic materials company’s stock worth $654,000 after acquiring an additional 298 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in ArcelorMittal by 7.6% during the second quarter. Sequoia Financial Advisors LLC now owns 23,035 shares of the basic materials company’s stock worth $1,387,000 after acquiring an additional 1,622 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Trading Up 1.8%

Shares of MT traded up $1.14 during mid-day trading on Thursday, hitting $63.63. The company had a trading volume of 1,379,559 shares, compared to its average volume of 1,755,452. ArcelorMittal has a 1-year low of $36.70 and a 1-year high of $79.68. The business’s 50-day simple moving average is $71.51 and its 200-day simple moving average is $66.26. The stock has a market cap of $49.31 billion, a PE ratio of 26.96, a P/E/G ratio of 0.53 and a beta of 1.54. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The company had revenue of $16.76 billion during the quarter, compared to analyst estimates of $17.56 billion. ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.32 EPS. Sell-side analysts forecast that ArcelorMittal will post 4.03 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on MT shares. Morgan Stanley assumed coverage on shares of ArcelorMittal in a research report on Monday, August 24th. They set an “overweight” rating and a $82.00 target price on the stock. Barclays reiterated a “neutral” rating on shares of ArcelorMittal in a report on Tuesday, July 7th. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, September 23rd. UBS Group raised ArcelorMittal from a “neutral” rating to a “buy” rating in a research note on Friday, October 9th. Finally, JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Thursday. Eight analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.55.

About ArcelorMittal

ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company produces a broad range of steel products, including flat steel, long steel, tubular products and specialty grades used in automotive manufacturing, construction, appliances, energy, packaging and other industrial applications.

Its operations span major steel-producing and consuming regions, including Europe, North and South America, and Africa. In addition to steelmaking and processing, ArcelorMittal owns and operates mining assets that supply iron ore for its production activities.