ArcelorMittal (NYSE:MT) Shares Gap Up – What’s Next?

Shares of ArcelorMittal (NYSE:MT) gapped up before the market opened on Friday. The stock had previously closed at $61.30, but opened at $64.28. ArcelorMittal shares last traded at $64.2340, with a volume of 325,139 shares.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MT. UBS Group raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating in a research note on Friday. Weiss Ratings cut shares of ArcelorMittal from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, September 29th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research report on Tuesday, August 4th. Jefferies Financial Group reiterated a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Finally, Wells Fargo & Company lowered their price target on ArcelorMittal from $69.00 to $64.00 and set an “equal weight” rating for the company in a research report on Tuesday. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.55.

ArcelorMittal Stock Performance

The firm has a market cap of $49.84 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 0.52 and a beta of 1.54. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average of $72.30 and a 200 day moving average of $65.94.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.28). The company had revenue of $16.76 billion during the quarter, compared to the consensus estimate of $17.56 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 2.88%.ArcelorMittal’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.32 EPS. As a group, equities research analysts expect that ArcelorMittal will post 4.06 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its stake in ArcelorMittal by 16.6% during the 3rd quarter. GAMMA Investing LLC now owns 5,051 shares of the basic materials company’s stock valued at $337,000 after acquiring an additional 718 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of ArcelorMittal by 10.6% during the third quarter. Farther Finance Advisors LLC now owns 3,949 shares of the basic materials company’s stock valued at $264,000 after purchasing an additional 380 shares during the period. Moody National Bank Trust Division increased its holdings in shares of ArcelorMittal by 5.7% during the third quarter. Moody National Bank Trust Division now owns 3,606 shares of the basic materials company’s stock valued at $241,000 after purchasing an additional 195 shares during the period. Versant Capital Management Inc raised its stake in shares of ArcelorMittal by 3.1% during the third quarter. Versant Capital Management Inc now owns 9,811 shares of the basic materials company’s stock valued at $654,000 after purchasing an additional 298 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in ArcelorMittal by 7.6% in the second quarter. Sequoia Financial Advisors LLC now owns 23,035 shares of the basic materials company’s stock worth $1,387,000 after purchasing an additional 1,622 shares during the period. Institutional investors own 9.29% of the company’s stock.

About ArcelorMittal

ArcelorMittal is a global steel and mining company headquartered in Luxembourg. The company produces a broad range of steel products, including flat steel, long steel, tubular products and specialty grades used in automotive manufacturing, construction, appliances, energy, packaging and other industrial applications.

Its operations span major steel-producing and consuming regions, including Europe, North and South America, and Africa. In addition to steelmaking and processing, ArcelorMittal owns and operates mining assets that supply iron ore for its production activities.