ArcelorMittal (NYSE:MT) Reaches New 52-Week High – What’s Next?

Shares of ArcelorMittal (NYSE:MT) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $76.72 and last traded at $75.7840, with a volume of 245096 shares. The stock had previously closed at $75.13.

Wall Street Analyst Weigh In

MT has been the subject of several analyst reports. Wells Fargo & Company upped their target price on ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from an “underweight” rating to a “neutral” rating in a report on Friday, July 10th. Weiss Ratings cut shares of ArcelorMittal from a “buy (b-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $75.00 target price on shares of ArcelorMittal in a report on Friday, July 31st. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 6th. Five analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $74.80.

ArcelorMittal Stock Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.57 and a current ratio of 1.43. The stock has a fifty day simple moving average of $68.92 and a two-hundred day simple moving average of $63.73. The stock has a market cap of $58.94 billion, a PE ratio of 32.14, a PEG ratio of 0.55 and a beta of 1.55.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.28). The firm had revenue of $16.76 billion for the quarter, compared to analysts’ expectations of $17.56 billion. ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.32 EPS. Equities analysts anticipate that ArcelorMittal will post 4.48 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MT. Cetera Investment Advisers boosted its position in ArcelorMittal by 1.0% in the 4th quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock valued at $838,000 after buying an additional 190 shares during the last quarter. Aaron Wealth Advisors LLC increased its position in shares of ArcelorMittal by 4.9% during the first quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company’s stock worth $295,000 after acquiring an additional 263 shares during the last quarter. Parallel Advisors LLC increased its position in shares of ArcelorMittal by 16.4% during the fourth quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock worth $112,000 after acquiring an additional 346 shares during the last quarter. GC Wealth Management RIA LLC lifted its stake in shares of ArcelorMittal by 4.2% in the first quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company’s stock worth $529,000 after acquiring an additional 413 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC lifted its stake in shares of ArcelorMittal by 6.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 7,143 shares of the basic materials company’s stock worth $326,000 after acquiring an additional 448 shares in the last quarter. Hedge funds and other 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.