ArcelorMittal (NYSE:MT) Sees Significant Drop in Short Interest

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) saw a significant decrease in short interest in August. As of August 15th, there was short interest totaling 2,690,000 shares, adecreaseof22.5% from the July 31st total of 3,470,000 shares. Approximately0.4% of the shares of the stock are short sold. Based on an average daily volume of 1,600,000 shares, the days-to-cover ratio is currently 1.7 days. Based on an average daily volume of 1,600,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately0.4% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. SVB Wealth LLC purchased a new position in shares of ArcelorMittal during the 1st quarter worth $43,000. Geneos Wealth Management Inc. raised its holdings in shares of ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock worth $47,000 after acquiring an additional 501 shares during the period. Hexagon Capital Partners LLC raised its holdings in shares of ArcelorMittal by 25.4% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock worth $51,000 after acquiring an additional 360 shares during the period. GAMMA Investing LLC lifted its position in ArcelorMittal by 31.1% in the first quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock valued at $55,000 after buying an additional 456 shares during the last quarter. Finally, Bayforest Capital Ltd raised its stake in shares of ArcelorMittal by 23.7% in the 1st quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock valued at $62,000 after acquiring an additional 440 shares during the period. Hedge funds and other institutional investors own 9.29% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Wells Fargo & Company upgraded ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Finally, Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 16th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, ArcelorMittal currently has a consensus rating of "Hold" and a consensus target price of $33.45.

ArcelorMittal Price Performance

MT stock traded up $0.01 during midday trading on Tuesday, reaching $34.22. The stock had a trading volume of 145,445 shares, compared to its average volume of 1,972,694. The company's fifty day simple moving average is $33.13 and its 200 day simple moving average is $30.98. 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 market cap of $28.03 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 0.15 and a beta of 1.64. ArcelorMittal has a 52-week low of $21.59 and a 52-week high of $35.13.

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

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.

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