ArcelorMittal (NYSE:MT) Short Interest Update

ArcelorMittal (NYSE:MT) was the recipient of a significant drop in short interest during the month of August. As of August 14th, there was short interest totaling 1,379,481 shares, a drop of 45.1% from the July 30th total of 2,514,067 shares. Based on an average trading volume of 1,219,446 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.2% of the company’s shares are sold short.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in ArcelorMittal in the fourth quarter valued at $44,000. Geneos Wealth Management Inc. increased its stake 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 acquiring an additional 501 shares during the last quarter. Allworth Financial LP increased its stake in ArcelorMittal by 91.5% during the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock worth $51,000 after acquiring an additional 538 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of ArcelorMittal by 126.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,146 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 640 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of ArcelorMittal by 268.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 1,765 shares during the period. 9.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $75.00 target price on shares of ArcelorMittal in a research note on Friday, July 31st. Jefferies Financial Group restated a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. JPMorgan Chase & Co. raised ArcelorMittal from an “underweight” rating to a “neutral” rating in a research report on Friday, July 10th. Weiss Ratings lowered ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Finally, Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Tuesday, August 4th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $74.80.

ArcelorMittal Trading Down 0.3%

Shares of MT traded down $0.25 during mid-day trading on Friday, hitting $74.38. The company had a trading volume of 1,122,298 shares, compared to its average volume of 1,410,915. ArcelorMittal has a 1-year low of $31.93 and a 1-year high of $75.93. The business’s 50-day simple moving average is $68.23 and its 200-day simple moving average is $63.50. The stock has a market cap of $57.64 billion, a PE ratio of 31.52, a P/E/G ratio of 0.56 and a beta of 1.53. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

ArcelorMittal (NYSE:MT) last issued its quarterly 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 analyst estimates of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the company posted $1.32 EPS. Sell-side analysts forecast that ArcelorMittal will post 4.48 earnings per share for the current year.

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.