Short Interest in ArcelorMittal (NYSE:MT) Drops By 22.5%

Key Points

• ArcelorMittal experienced a 22.5% decrease in short interest in August, with current short interest totaling 2,690,000 shares.
• Institutional investors are actively modifying their positions, with firms like SVB Wealth LLC and Geneos Wealth Management increasing their holdings in the first quarter.
• Analysts have mixed views on the stock, with three ratings as a Buy and five as Hold, while the consensus target price stands at $33.45.

ArcelorMittal (NYSE:MT - Get Free Report) was the target of a significant decrease in short interest in August. As of August 15th, there was short interest totaling 2,690,000 shares, a decrease of 22.5% from the July 31st total of 3,470,000 shares. Currently, 0.4% of the company's stock are sold short. Based on an average daily volume of 1,600,000 shares, the days-to-cover ratio is presently 1.7 days. Based on an average daily volume of 1,600,000 shares, the days-to-cover ratio is presently 1.7 days. Currently, 0.4% of the company's stock are sold short.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MT shares. Wall Street Zen raised shares of ArcelorMittal from a "hold" rating to a "buy" rating in a research report on Saturday. Barclays lowered shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company raised shares of ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, ArcelorMittal presently has an average rating of "Hold" and a consensus target price of $33.45.

ArcelorMittal Stock Down 0.9%

MT traded down $0.30 during midday trading on Friday, hitting $34.75. 957,641 shares of the company's stock traded hands, compared to its average volume of 1,416,688. The company has a market cap of $28.47 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 0.16 and a beta of 1.64. The stock's fifty day simple moving average is $33.30 and its 200-day simple moving average is $31.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. ArcelorMittal has a one year low of $21.59 and a one year high of $35.13.

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

Hedge Funds Weigh In On ArcelorMittal

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SVB Wealth LLC acquired a new position in ArcelorMittal during the first quarter valued at approximately $43,000. Geneos Wealth Management Inc. grew its holdings in ArcelorMittal by 44.2% during 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. Hexagon Capital Partners LLC grew its holdings in ArcelorMittal by 25.4% during the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock valued at $51,000 after purchasing an additional 360 shares during the last quarter. GAMMA Investing LLC grew its holdings in ArcelorMittal by 31.1% during the first quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 456 shares during the last quarter. Finally, Bayforest Capital Ltd grew its holdings in ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock valued at $62,000 after purchasing an additional 440 shares during the last quarter. Institutional investors own 9.29% of the company's stock.

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.