ArcelorMittal (NYSE:MT) Hits New 12-Month High – What’s Next?

ArcelorMittal (NYSE:MT) shares hit a new 52-week high on Thursday . The company traded as high as $48.52 and last traded at $47.8830, with a volume of 2909049 shares changing hands. The stock had previously closed at $47.31.

Wall Street Analysts Forecast Growth

MT has been the topic of a number of research analyst reports. Morgan Stanley raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Tuesday. UBS Group cut shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a report on Monday, November 17th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Wells Fargo & Company reiterated a “cautious” rating and set a $39.00 price objective (up from $33.00) on shares of ArcelorMittal in a report on Thursday, October 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $38.98.

ArcelorMittal Stock Up 1.2%

The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19. The business’s fifty day moving average price is $42.79 and its two-hundred day moving average price is $37.50. The firm has a market cap of $37.11 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last posted 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 firm had revenue of $15.66 billion for 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 business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 earnings per share. As a group, equities research analysts anticipate that ArcelorMittal will post 3.72 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. State of Wyoming acquired a new stake in ArcelorMittal in the 3rd quarter worth approximately $36,000. Geneos Wealth Management Inc. raised its position in shares of ArcelorMittal by 44.2% in the first 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 during the period. Farther Finance Advisors LLC lifted its stake in shares of ArcelorMittal by 392.1% in the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after buying an additional 1,396 shares during the last quarter. CWM LLC lifted its stake in shares of ArcelorMittal by 23.3% in the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock worth $66,000 after buying an additional 345 shares during the last quarter. Finally, Bayforest Capital Ltd boosted its holdings in shares of ArcelorMittal by 23.7% during the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company’s stock worth $66,000 after buying an additional 440 shares during the period. 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.