ArcelorMittal (NYSE:MT) Reaches New 52-Week High – Still a Buy?

ArcelorMittal (NYSE:MT) hit a new 52-week high during trading on Wednesday . The company traded as high as $48.67 and last traded at $48.4120, with a volume of 252065 shares changing hands. The stock had previously closed at $48.08.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Wells Fargo & Company restated a “cautious” rating and set a $39.00 target price (up previously from $33.00) on shares of ArcelorMittal in a research report on Thursday, October 23rd. UBS Group cut shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a report on Monday, November 17th. Finally, Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, ArcelorMittal presently has an average rating of “Hold” and a consensus target price of $38.98.

ArcelorMittal Trading Down 1.4%

The firm’s fifty day simple moving average is $44.01 and its 200 day simple moving average is $38.16. The stock has a market capitalization of $37.48 billion, a P/E ratio of 14.39, a price-to-earnings-growth ratio of 0.18 and a beta of 1.52. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.58 and a current ratio of 1.39.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The company had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 EPS. As a group, equities research analysts forecast that ArcelorMittal will post 3.72 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently modified their holdings of MT. State of Wyoming bought a new stake in shares of ArcelorMittal during the 3rd quarter worth $36,000. True Wealth Design LLC lifted its holdings in shares of ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 234 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after purchasing an additional 501 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of ArcelorMittal by 392.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock valued at $63,000 after purchasing an additional 1,396 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of ArcelorMittal by 23.3% during the 3rd quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock valued at $66,000 after purchasing an additional 345 shares during the last quarter. Institutional investors own 9.29% of the company’s stock.

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.