ArcelorMittal (NYSE:MT) Shares Gap Up – Here’s What Happened

ArcelorMittal (NYSE:MT) shares gapped up prior to trading on Monday . The stock had previously closed at $53.97, but opened at $55.86. ArcelorMittal shares last traded at $56.04, with a volume of 889,079 shares trading hands.

Wall Street Analyst Weigh In

MT has been the subject of several research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, January 21st. Wells Fargo & Company raised their target price on shares of ArcelorMittal from $39.00 to $47.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 21st. Morgan Stanley raised ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $49.00 price objective on shares of ArcelorMittal in a research report on Wednesday, November 26th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a research note on Friday, October 10th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $40.98.

ArcelorMittal Stock Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.58. The company has a fifty day moving average of $47.47 and a two-hundred day moving average of $40.10. The stock has a market capitalization of $43.42 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 0.20 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $15.88 billion. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The business’s revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. On average, equities analysts anticipate that ArcelorMittal will post 3.72 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Maple Rock Capital Partners Inc. acquired a new position in shares of ArcelorMittal during the third quarter valued at $41,399,000. UBS Group AG increased its position 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 valued at $42,706,000 after acquiring an additional 947,532 shares during the period. Retirement Systems of Alabama bought a new position in shares of ArcelorMittal in the fourth quarter worth $30,721,000. Man Group plc acquired a new stake in ArcelorMittal in the third quarter worth about $11,720,000. Finally, Balyasny Asset Management L.P. raised its position in shares of ArcelorMittal by 202.2% during the 3rd quarter. Balyasny Asset Management L.P. now owns 368,984 shares of the basic materials company’s stock worth $13,339,000 after buying an additional 246,904 shares in the last quarter. Institutional investors and hedge funds 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.