ArcelorMittal (NYSE:MT) Shares Gap Down – What’s Next?

ArcelorMittal (NYSE:MT)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $74.59, but opened at $69.81. ArcelorMittal shares last traded at $69.4220, with a volume of 608,158 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $75.00 target price on shares of ArcelorMittal in a research note on Friday, July 31st. Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research report on Wednesday, August 5th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Tuesday, August 4th. Weiss Ratings cut ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Finally, Wells Fargo & Company boosted their price objective on ArcelorMittal from $62.00 to $69.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, ArcelorMittal has a consensus rating of “Hold” and an average price target of $72.40.

ArcelorMittal Stock Performance

The business’s fifty day simple moving average is $67.36 and its 200-day simple moving average is $62.74. The firm has a market cap of $54.92 billion, a P/E ratio of 30.03, a price-to-earnings-growth ratio of 0.54 and a beta of 1.53. The company has a current ratio of 1.43, a quick ratio of 0.57 and a debt-to-equity ratio of 0.21.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) 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 the consensus estimate of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.ArcelorMittal’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.32 earnings per share. As a group, sell-side analysts expect that ArcelorMittal will post 4.49 earnings per share for the current year.

Institutional Trading of ArcelorMittal

A number of hedge funds have recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of ArcelorMittal during the 4th quarter valued at $44,000. Geneos Wealth Management Inc. boosted its position in shares of 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 acquiring an additional 501 shares during the last quarter. Allworth Financial LP grew its position in shares of ArcelorMittal by 91.5% during the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 538 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of ArcelorMittal by 126.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in ArcelorMittal by 268.6% during the second quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 1,765 shares during the last quarter. Hedge funds and other 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.