ArcelorMittal (NYSE:MT) Sees Large Decrease in Short Interest

ArcelorMittal (NYSE:MT) was the target of a significant drop in short interest in January. As of January 30th, there was short interest totaling 2,369,795 shares, a drop of 27.8% from the January 15th total of 3,281,039 shares. Based on an average daily trading volume, of 1,863,206 shares, the days-to-cover ratio is presently 1.3 days. Currently, 0.3% of the company’s stock are sold short. Currently, 0.3% of the company’s stock are sold short. Based on an average daily trading volume, of 1,863,206 shares, the days-to-cover ratio is presently 1.3 days.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MT shares. Weiss Ratings reiterated 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 research report on Wednesday, January 14th. UBS Group lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Santander raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 5th. Finally, Citigroup reissued a “buy” rating on shares of ArcelorMittal in a research report on Friday. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.98.

ArcelorMittal Price Performance

Shares of MT stock opened at $61.53 on Friday. ArcelorMittal has a 52 week low of $23.19 and a 52 week high of $66.97. 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 stock’s fifty day moving average is $50.38 and its 200-day moving average is $41.53. The stock has a market capitalization of $47.68 billion, a PE ratio of 15.01, a PEG ratio of 0.54 and a beta of 1.52.

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

ArcelorMittal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Friday, February 20th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $0.60 annualized dividend and a yield of 1.0%. ArcelorMittal’s dividend payout ratio (DPR) is currently 12.44%.

Institutional Trading of ArcelorMittal

Hedge funds have recently modified their holdings of the stock. TD Waterhouse Canada Inc. increased its holdings in ArcelorMittal by 11.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock valued at $98,000 after buying an additional 216 shares during the period. True Wealth Design LLC boosted its stake in ArcelorMittal by 41.4% in the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after buying an additional 234 shares in the last quarter. Merit Financial Group LLC raised its stake in ArcelorMittal by 3.1% during the third quarter. Merit Financial Group LLC now owns 9,453 shares of the basic materials company’s stock worth $342,000 after acquiring an additional 283 shares in the last quarter. GK Wealth Management LLC lifted its holdings in shares of ArcelorMittal by 4.1% in the third quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock worth $258,000 after acquiring an additional 284 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of ArcelorMittal by 4.5% in the 2nd quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock valued at $232,000 after purchasing an additional 318 shares in the last quarter. Institutional investors and hedge funds 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.