ArcelorMittal (NYSE:MT) Sets New 12-Month High - Here's Why

Key Points

• ArcelorMittal shares hit a new 52-week high of $36.91, with the stock last trading at $36.71, up from a previous close of $36.19.
• Analysts have mixed views on ArcelorMittal, with upgrades to a "hold" rating by Wells Fargo and downgrades by Barclays and Wall Street Zen, resulting in a consensus rating of "Hold" with a target price of $33.45.
• The company's latest quarterly earnings reported $1.32 EPS, missing estimates by $0.01, with a revenue of $15.93 billion, compared to estimates of $15.48 billion.

Shares of ArcelorMittal (NYSE:MT - Get Free Report) reached a new 52-week high on Friday . The company traded as high as $36.91 and last traded at $36.71, with a volume of 172909 shares. The stock had previously closed at $36.19.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MT. Wells Fargo & Company upgraded ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Barclays downgraded shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wall Street Zen downgraded shares of ArcelorMittal from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, ArcelorMittal has a consensus rating of "Hold" and a consensus target price of $33.45.

ArcelorMittal Price Performance

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 company has a market cap of $30.05 billion, a P/E ratio of 11.32, a P/E/G ratio of 0.16 and a beta of 1.64. The company's 50-day moving average price is $33.66 and its 200-day moving average price is $31.40.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.33 by ($0.01). The firm had revenue of $15.93 billion for the quarter, compared to the consensus estimate of $15.48 billion. ArcelorMittal had a return on equity of 4.99% and a net margin of 4.11%.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 business posted $0.63 earnings per share. As a group, sell-side analysts predict that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Trading of ArcelorMittal

Several institutional investors have recently added to or reduced their stakes in MT. Telemark Asset Management LLC bought a new stake in ArcelorMittal during the first quarter worth $11,540,000. Connor Clark & Lunn Investment Management Ltd. lifted its position 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 buying an additional 337,158 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of ArcelorMittal in the first quarter worth about $5,263,000. Arrow Capital Pty Ltd bought a new position in shares of ArcelorMittal in the second quarter worth about $5,206,000. Finally, Auto Owners Insurance Co bought a new position in shares of ArcelorMittal in the first quarter worth about $3,940,000. 9.29% of the stock is currently owned by 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.

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