ArcelorMittal (NYSE:MT) Shares Gap Down – Time to Sell?

ArcelorMittal S.A. (NYSE:MT) gapped down prior to trading on Thursday . The stock had previously closed at $33.06, but opened at $31.70. ArcelorMittal shares last traded at $31.97, with a volume of 248,483 shares traded.

Analysts Set New Price Targets

Separately, Morgan Stanley downgraded shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Price Performance

The firm has a 50 day moving average of $27.44 and a 200-day moving average of $25.35. The company has a current ratio of 1.35, a quick ratio of 0.59 and a debt-to-equity ratio of 0.17. The company has a market cap of $26.19 billion, a P/E ratio of 19.37, a P/E/G ratio of 0.14 and a beta of 1.79.

ArcelorMittal (NYSE:MT) last released its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.31%. On average, equities research analysts predict that ArcelorMittal S.A. will post 3.72 EPS for the current year.

ArcelorMittal Dividend Announcement

The business also recently declared a semi-annual dividend, which will be paid on Wednesday, December 3rd. Shareholders of record on Thursday, November 13th will be paid a $0.275 dividend. This represents a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, November 12th. ArcelorMittal’s payout ratio is currently 25.45%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in shares of ArcelorMittal by 221.3% in the fourth quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company’s stock worth $78,712,000 after buying an additional 2,344,020 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in ArcelorMittal by 146.7% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,535,319 shares of the basic materials company’s stock worth $35,512,000 after acquiring an additional 912,984 shares during the last quarter. ABC Arbitrage SA purchased a new stake in shares of ArcelorMittal during the 4th quarter worth approximately $9,895,000. FMR LLC raised its holdings in shares of ArcelorMittal by 46.7% during the 3rd quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after acquiring an additional 419,465 shares in the last quarter. Finally, OLD Mission Capital LLC boosted its position in shares of ArcelorMittal by 145.8% during the 4th quarter. OLD Mission Capital LLC now owns 678,350 shares of the basic materials company’s stock valued at $15,690,000 after acquiring an additional 402,402 shares during the last quarter. Hedge funds and other institutional investors own 9.29% of the company’s stock.

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.