ArcelorMittal (NYSE:MT) Shares Gap Up – Here’s What Happened

ArcelorMittal (NYSE:MT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $53.80, but opened at $60.29. ArcelorMittal shares last traded at $60.0550, with a volume of 847,701 shares.

Analysts Set New Price Targets

MT has been the topic of a number of research analyst reports. KeyCorp initiated coverage on ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, January 21st. Oddo Bhf raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Morgan Stanley reaffirmed an “overweight” rating on shares of ArcelorMittal in a report on Tuesday, February 17th. Finally, Citigroup reissued a “buy” rating on shares of ArcelorMittal in a report on Friday, February 13th. Six investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, ArcelorMittal currently has an average rating of “Hold” and a consensus target price of $51.98.

ArcelorMittal Trading Up 12.1%

The firm has a market cap of $46.73 billion, a P/E ratio of 14.71, a P/E/G ratio of 0.46 and a beta of 1.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.53 and a current ratio of 1.36. The firm has a fifty day moving average of $57.38 and a 200-day moving average of $47.73.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.30. The business had revenue of $14.97 billion for the quarter, compared to the consensus estimate of $15.56 billion. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Equities research analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current year.

ArcelorMittal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Friday, November 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.60 annualized dividend and a yield of 1.0%. ArcelorMittal’s payout ratio is presently 12.44%.

Institutional Trading of ArcelorMittal

Several hedge funds have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. raised its stake in ArcelorMittal by 27.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,383 shares of the basic materials company’s stock valued at $200,000 after acquiring an additional 946 shares in the last quarter. Auto Owners Insurance Co raised its stake in ArcelorMittal by 4,457.0% during the 4th quarter. Auto Owners Insurance Co now owns 367,568 shares of the basic materials company’s stock valued at $1,675,000 after acquiring an additional 359,502 shares in the last quarter. DGS Capital Management LLC raised its stake in ArcelorMittal by 78.5% during the 4th quarter. DGS Capital Management LLC now owns 12,370 shares of the basic materials company’s stock valued at $564,000 after acquiring an additional 5,439 shares in the last quarter. Amanah Holdings Trust bought a new stake in ArcelorMittal during the 4th quarter valued at $6,744,000. Finally, Compound Planning Inc. bought a new stake in ArcelorMittal during the 4th quarter valued at $232,000. 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.