ArcelorMittal (NYSE:MT) Hits New 52-Week High – Should You Buy?

ArcelorMittal (NYSE:MT)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $56.98 and last traded at $56.8730, with a volume of 32856 shares. The stock had previously closed at $56.51.

Analyst Ratings Changes

Several research analysts have recently issued reports on MT shares. UBS Group downgraded shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a report on Monday, November 17th. Weiss Ratings restated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, January 21st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $49.00 target price on shares of ArcelorMittal in a research report on Wednesday, November 26th. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Finally, Wall Street Zen downgraded ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $40.98.

ArcelorMittal Price Performance

The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The stock has a market cap of $44.19 billion, a P/E ratio of 16.76, a PEG ratio of 0.20 and a beta of 1.52. The firm’s fifty day moving average price is $47.73 and its 200-day moving average price is $40.21.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, February 5th. The basic materials company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.11. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. During the same quarter in the previous year, the company posted $0.52 EPS. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MT. State of Wyoming bought a new position in shares of ArcelorMittal during the third quarter valued at approximately $36,000. True Wealth Design LLC lifted its stake in shares of ArcelorMittal by 41.4% during the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 234 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in 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 last quarter. Allworth Financial LP lifted its position in ArcelorMittal by 91.5% during the fourth quarter. Allworth Financial LP now owns 1,126 shares of the basic materials company’s stock valued at $51,000 after acquiring an additional 538 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position 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 in the last quarter. 9.29% of the stock is currently owned by institutional investors.

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.