ArcelorMittal (NYSE:MT) Sets New 52-Week High – Here’s Why

Shares of ArcelorMittal (NYSE:MT) hit a new 52-week high during trading on Tuesday . The company traded as high as $55.31 and last traded at $53.5930, with a volume of 1672570 shares trading hands. The stock had previously closed at $54.30.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Oddo Bhf upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a research report on Wednesday, January 14th. JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. Morgan Stanley upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 6th. UBS Group downgraded shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a report on Monday, November 17th. Finally, Wells Fargo & Company increased their price objective on shares of ArcelorMittal from $39.00 to $47.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, ArcelorMittal currently has an average rating of “Hold” and an average target price of $40.98.

ArcelorMittal Stock Up 1.1%

The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.58 and a current ratio of 1.39. The firm has a 50 day simple moving average of $46.25 and a two-hundred day simple moving average of $39.42. The stock has a market cap of $43.47 billion, a P/E ratio of 16.69, a P/E/G ratio of 0.20 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The company had revenue of $15.66 billion for the quarter, compared to analyst estimates of $15.88 billion. During the same period last year, the company earned $0.63 earnings per share. The company’s quarterly revenue was up 3.0% compared to the same quarter last year. Equities research analysts predict that ArcelorMittal will post 3.72 earnings per share for the current year.

Hedge Funds Weigh In On ArcelorMittal

Several large investors have recently bought and sold shares of MT. True Wealth Design LLC lifted 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 worth $36,000 after acquiring an additional 234 shares during the period. State of Wyoming bought a new stake in ArcelorMittal during the third quarter worth approximately $36,000. Geneos Wealth Management Inc. raised its holdings in ArcelorMittal by 44.2% during the first quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 501 shares in the last quarter. Farther Finance Advisors LLC lifted its position in ArcelorMittal by 392.1% in the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after purchasing an additional 1,396 shares during the period. Finally, CWM LLC boosted its stake in ArcelorMittal by 23.3% during the 3rd quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock valued at $66,000 after purchasing an additional 345 shares in the last quarter. Institutional investors and hedge funds 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.