ArcelorMittal (NYSE:MT) Sets New 52-Week High After Analyst Upgrade

ArcelorMittal (NYSE:MT)’s stock price hit a new 52-week high on Monday after Wells Fargo & Company raised their price target on the stock from $47.00 to $54.00. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal traded as high as $61.49 and last traded at $61.3690, with a volume of 284043 shares traded. The stock had previously closed at $61.30.

MT has been the subject of several other research reports. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. Oddo Bhf raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Wall Street Zen lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, UBS Group lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.73.

Hedge Funds Weigh In On ArcelorMittal

A number of large investors have recently modified their holdings of the company. AQR Capital Management LLC increased its holdings in shares of ArcelorMittal by 75.0% in the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock worth $982,000 after buying an additional 14,593 shares during the period. Geneos Wealth Management Inc. increased its stake in ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 501 shares during the period. Janney Montgomery Scott LLC lifted its position in ArcelorMittal by 4.5% in the second quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock valued at $232,000 after purchasing an additional 318 shares during the last quarter. Callan Family Office LLC purchased a new stake in shares of ArcelorMittal during the second quarter valued at approximately $315,000. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in shares of ArcelorMittal by 9.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 71,916 shares of the basic materials company’s stock worth $2,272,000 after purchasing an additional 5,932 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Stock Up 0.0%

The company has a market capitalization of $47.52 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 0.61 and a beta of 1.52. The company has a current ratio of 1.36, a quick ratio of 0.53 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average is $48.38 and its 200 day moving average is $40.61.

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, topping the consensus estimate of $0.56 by $0.30. The company had revenue of $14.97 billion for the quarter, compared to analysts’ expectations of $15.56 billion. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.ArcelorMittal’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. Research analysts predict that ArcelorMittal will post 3.72 EPS for the current fiscal year.

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.