ArcelorMittal (NYSE:MT) Reaches New 52-Week High - Time to Buy?

Key Points

• ArcelorMittal's stock reached a new **52-week high** at **$35.46** during trading, closing at **$35.26** with a trading volume of **16,461 shares**.
• Recent analyst updates included a downgrade from **Barclays** and upgrades from **Wells Fargo** and **Wall Street Zen**, resulting in an average **Hold** rating with a price target of **$33.45**.
• In its latest earnings report, ArcelorMittal missed EPS estimates, reporting **$1.32** against an expected **$1.33**, while revenue of **$15.93 billion** surpassed analyst forecasts.

ArcelorMittal (NYSE:MT - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $35.46 and last traded at $35.26, with a volume of 16461 shares trading hands. The stock had previously closed at $34.77.

Analyst Upgrades and Downgrades

MT has been the subject of several recent research reports. Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday. Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Finally, Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $33.45.

ArcelorMittal Trading Up 0.6%

The stock has a market cap of $29.50 billion, a P/E ratio of 11.11, a PEG ratio of 0.15 and a beta of 1.64. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.40 and a quick ratio of 0.59. The business's 50 day simple moving average is $33.48 and its 200 day simple moving average is $31.30.

ArcelorMittal (NYSE:MT - Get Free Report) last posted 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 firm had revenue of $15.93 billion for the quarter, compared to analyst estimates of $15.48 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.The business's quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. On average, analysts expect that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Trading of ArcelorMittal

Several hedge funds have recently modified their holdings of MT. SVB Wealth LLC acquired a new stake in shares of ArcelorMittal during the first quarter worth approximately $43,000. Geneos Wealth Management Inc. boosted its position in shares of ArcelorMittal by 44.2% during the first 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 in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of ArcelorMittal by 25.4% during the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock worth $51,000 after purchasing an additional 360 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of ArcelorMittal by 31.1% during the first quarter. GAMMA Investing LLC now owns 1,920 shares of the basic materials company's stock worth $55,000 after purchasing an additional 456 shares in the last quarter. Finally, Bayforest Capital Ltd boosted its position in shares of ArcelorMittal by 23.7% during the first quarter. Bayforest Capital Ltd now owns 2,298 shares of the basic materials company's stock worth $62,000 after purchasing an additional 440 shares in the last quarter. Institutional investors and hedge funds own 9.29% of the company's stock.

About ArcelorMittal

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.