ArcelorMittal (NYSE:MT) Shares Gap Up After Analyst Upgrade

Shares of ArcelorMittal (NYSE:MT) gapped up prior to trading on Thursday after Wells Fargo & Company raised their price target on the stock from $39.00 to $47.00. The stock had previously closed at $51.24, but opened at $53.66. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal shares last traded at $54.17, with a volume of 1,821,123 shares.

Other equities research analysts have also recently issued research reports about the stock. UBS Group cut shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Wall Street Zen lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $40.98.

Institutional Investors Weigh In On ArcelorMittal

A number of large investors have recently modified their holdings of MT. State of Wyoming purchased a new position in ArcelorMittal during the 3rd quarter worth approximately $36,000. True Wealth Design LLC boosted its holdings in shares of ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 234 shares during the last quarter. Geneos Wealth Management Inc. increased its stake 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 worth $47,000 after acquiring an additional 501 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of ArcelorMittal by 392.1% during the third quarter. Farther Finance Advisors LLC now owns 1,752 shares of the basic materials company’s stock worth $63,000 after purchasing an additional 1,396 shares during the last quarter. Finally, CWM LLC lifted its position in ArcelorMittal by 23.3% during the third 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 period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

ArcelorMittal Stock Performance

The firm’s fifty day simple moving average is $44.77 and its 200 day simple moving average is $38.68. The company has a market capitalization of $41.94 billion, a PE ratio of 16.12, 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 current ratio of 1.39 and a quick ratio of 0.58.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, November 6th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, beating 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 company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 EPS. On average, research analysts predict that ArcelorMittal will post 3.72 EPS for the current year.

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.