ArcelorMittal (NYSE:MT) Hits New 1-Year High – Here’s What Happened

ArcelorMittal (NYSE:MT) shares hit a new 52-week high on Wednesday . The company traded as high as $75.76 and last traded at $75.7590, with a volume of 281830 shares trading hands. The stock had previously closed at $73.62.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $75.00 price objective on shares of ArcelorMittal in a report on Friday, July 31st. Morgan Stanley started coverage on ArcelorMittal in a report on Monday. They issued an “overweight” rating and a $82.00 target price on the stock. JPMorgan Chase & Co. upgraded ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Weiss Ratings downgraded ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Finally, Jefferies Financial Group restated a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $74.80.

ArcelorMittal Price Performance

The company has a 50-day moving average price of $67.60 and a two-hundred day moving average price of $63.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57. The company has a market cap of $58.68 billion, a PE ratio of 32.04, a P/E/G ratio of 0.54 and a beta of 1.53.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, July 30th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.28). The company had revenue of $16.76 billion for the quarter, compared to analysts’ expectations of $17.56 billion. ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.32 earnings per share. Sell-side analysts expect that ArcelorMittal will post 4.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Maple Rock Capital Partners Inc. purchased a new position in shares of ArcelorMittal in the third quarter valued at $41,399,000. UBS Group AG lifted its holdings in ArcelorMittal by 405.2% in the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after buying an additional 947,532 shares in the last quarter. Senator Investment Group LP acquired a new position in ArcelorMittal in the 4th quarter worth $26,431,000. Auto Owners Insurance Co lifted its holdings in ArcelorMittal by 4,457.0% in the 4th quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock worth $1,675,000 after buying an additional 359,502 shares in the last quarter. Finally, Man Group plc purchased a new position in ArcelorMittal in the 3rd quarter valued at about $11,720,000. 9.29% of the stock is owned by institutional investors and hedge funds.

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.