ArcelorMittal (NYSE:MT) Hits New 52-Week High - What's Next?

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

ArcelorMittal (NYSE:MT - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $35.05 and last traded at $34.90, with a volume of 123042 shares. The stock had previously closed at $34.42.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MT. Wells Fargo & Company upgraded shares of ArcelorMittal to a "hold" rating in a research note on Thursday, August 14th. Wall Street Zen lowered shares of ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Barclays lowered shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, ArcelorMittal currently has an average rating of "Hold" and a consensus target price of $32.96.

ArcelorMittal Trading Up 0.8%

The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19. The company has a fifty day simple moving average of $32.32 and a 200-day simple moving average of $30.36. The company has a market capitalization of $28.43 billion, a PE ratio of 10.72, a PEG ratio of 0.15 and a beta of 1.65.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.01). The company had revenue of $15.93 billion during the quarter, compared to analysts' expectations of $15.48 billion. ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm's quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 earnings per share. Analysts predict that ArcelorMittal will post 3.72 EPS for the current year.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings in shares of ArcelorMittal by 3.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,029,028 shares of the basic materials company's stock worth $70,061,000 after purchasing an additional 91,363 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of ArcelorMittal by 22.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,872,477 shares of the basic materials company's stock worth $54,021,000 after purchasing an additional 337,158 shares during the period. Northern Trust Corp boosted its holdings in ArcelorMittal by 31.7% during the 4th quarter. Northern Trust Corp now owns 1,153,924 shares of the basic materials company's stock valued at $26,690,000 after acquiring an additional 277,891 shares during the period. OLD Mission Capital LLC boosted its holdings in ArcelorMittal by 20.1% during the 1st quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company's stock valued at $23,507,000 after acquiring an additional 136,443 shares during the period. Finally, Bank of America Corp DE boosted its holdings in ArcelorMittal by 56.7% during the 4th quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company's stock valued at $18,140,000 after acquiring an additional 283,758 shares during the period. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.