ArcelorMittal (NYSE:MT) Shares Gap Up – Here’s What Happened

ArcelorMittal S.A. (NYSE:MT) shares gapped up prior to trading on Thursday . The stock had previously closed at $23.77, but opened at $24.95. ArcelorMittal shares last traded at $24.81, with a volume of 305,538 shares trading hands.

Wall Street Analyst Weigh In

MT has been the topic of several research analyst reports. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $32.90 in a research note on Thursday. Deutsche Bank Aktiengesellschaft upgraded shares of ArcelorMittal from a “hold” rating to a “buy” rating and raised their price target for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Finally, Barclays raised ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Price Performance

The stock has a market cap of $20.35 billion, a price-to-earnings ratio of -17.91, a P/E/G ratio of 0.46 and a beta of 1.77. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. The stock’s 50 day simple moving average is $24.40 and its two-hundred day simple moving average is $24.03.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.05. The business had revenue of $15.20 billion for the quarter, compared to analyst estimates of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The firm’s revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.10 EPS. On average, analysts forecast that ArcelorMittal S.A. will post 3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. lifted its holdings in ArcelorMittal by 1,820.0% during the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 1,911 shares during the last quarter. Mather Group LLC. boosted its holdings in shares of ArcelorMittal by 1,388.6% in the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock worth $51,000 after acquiring an additional 2,069 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in ArcelorMittal by 298.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock worth $54,000 after acquiring an additional 1,771 shares during the last quarter. CWM LLC increased its holdings in ArcelorMittal by 378.2% during the 2nd quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock valued at $113,000 after purchasing an additional 3,899 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in ArcelorMittal in the 2nd quarter valued at $156,000. Institutional investors own 9.88% of the company’s stock.

ArcelorMittal Company Profile

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.