ArcelorMittal (NYSE:MT) Hits New 12-Month High – Should You Buy?

ArcelorMittal (NYSE:MT) hit a new 52-week high during trading on Friday . The stock traded as high as $46.67 and last traded at $46.7950, with a volume of 73854 shares trading hands. The stock had previously closed at $45.57.

Analyst Ratings Changes

A number of analysts recently weighed in on MT shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $49.00 price target on shares of ArcelorMittal in a research report on Wednesday, November 26th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. JPMorgan Chase & Co. upgraded ArcelorMittal from a “neutral” rating to an “overweight” rating in a report on Friday, November 7th. UBS Group downgraded ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Finally, The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, ArcelorMittal currently has an average rating of “Hold” and a consensus target price of $38.98.

ArcelorMittal Price Performance

The stock has a market cap of $36.22 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 0.20 and a beta of 1.58. The business’s 50-day simple moving average is $42.16 and its two-hundred day simple moving average is $36.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.58.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MT. Dimensional Fund Advisors LP raised its holdings in ArcelorMittal by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 3,171,378 shares of the basic materials company’s stock worth $114,647,000 after purchasing an additional 55,549 shares in the last quarter. UBS Group AG increased its stake in ArcelorMittal by 405.2% in the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after acquiring an additional 947,532 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new position in shares of ArcelorMittal during the third quarter valued at approximately $41,399,000. Bank of America Corp DE raised its holdings in shares of ArcelorMittal by 15.6% in the 3rd quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after purchasing an additional 128,045 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of ArcelorMittal by 17.4% during the third quarter. American Century Companies Inc. now owns 461,149 shares of the basic materials company’s stock worth $16,671,000 after acquiring an additional 68,505 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.