ArcelorMittal (NYSE:MT)’s share price gapped up before the market opened on Friday . The stock had previously closed at $26.05, but opened at $26.69. ArcelorMittal shares last traded at $27.35, with a volume of 3,354,085 shares changing hands.

Several equities analysts have recently weighed in on the stock. Deutsche Bank AG restated a “buy” rating on shares of ArcelorMittal in a research report on Thursday, August 17th. Cowen and Company set a $32.00 price objective on shares of ArcelorMittal and gave the company a “buy” rating in a research report on Wednesday, August 23rd. Zacks Investment Research lowered shares of ArcelorMittal from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 7th. SBG Securities lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Sunday, July 30th. Finally, BidaskClub upgraded shares of ArcelorMittal from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $29.72.

The stock has a market capitalization of $27.90 billion, a P/E ratio of 8.61 and a beta of 2.09. The company’s 50 day moving average price is $26.07 and its 200-day moving average price is $24.35.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.55. The company had revenue of $17.24 billion during the quarter, compared to analyst estimates of $16.88 billion. ArcelorMittal had a return on equity of 10.52% and a net margin of 5.50%. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 EPS. On average, equities research analysts predict that ArcelorMittal will post $3.07 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of the stock. Cambiar Investors LLC acquired a new position in shares of ArcelorMittal during the second quarter valued at about $114,710,000. Credit Suisse AG raised its position in shares of ArcelorMittal by 2,724.4% in the first quarter. Credit Suisse AG now owns 4,540,212 shares of the basic materials company’s stock valued at $37,910,000 after buying an additional 4,379,463 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of ArcelorMittal by 311.2% in the first quarter. Renaissance Technologies LLC now owns 4,760,754 shares of the basic materials company’s stock valued at $39,755,000 after buying an additional 3,603,075 shares in the last quarter. Jane Street Group LLC raised its position in shares of ArcelorMittal by 775.6% in the first quarter. Jane Street Group LLC now owns 2,127,765 shares of the basic materials company’s stock valued at $17,767,000 after buying an additional 1,884,765 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of ArcelorMittal by 55.5% in the first quarter. Morgan Stanley now owns 2,270,841 shares of the basic materials company’s stock valued at $18,961,000 after buying an additional 810,291 shares in the last quarter. Institutional investors and hedge funds own 3.57% of the company’s stock.

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About ArcelorMittal

ArcelorMittal SA (ArcelorMittal) is a holding company. The Company, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. ArcelorMittal operates through five segments, which include NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining.

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