ArcelorMittal (NYSE:MT) Sets New 12-Month High - Should You Buy?

Key Points

• ArcelorMittal's share price reached a new 52-week high of $40.86, closing at $40.73 after trading a volume of 643,980 shares.
• Analysts have mixed opinions on the stock, with Wall Street Zen upgrading it to a "buy" rating while Wells Fargo maintains a "hold" rating, leading to an average target price of $33.45.
• The company reported a quarterly earnings miss with $1.32 earnings per share against an estimate of $1.33, despite generating revenue of $15.93 billion for the quarter.

ArcelorMittal (NYSE:MT - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $40.86 and last traded at $40.73, with a volume of 643980 shares traded. The stock had previously closed at $38.57.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a research report on Thursday, August 14th. Wall Street Zen upgraded shares of ArcelorMittal from a "hold" rating to a "buy" rating in a research note on Friday, October 3rd. Weiss Ratings reissued a "hold (c)" rating on shares of ArcelorMittal in a report on Saturday, September 27th. Finally, Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $33.45.

ArcelorMittal Price Performance

The company's 50 day moving average price is $34.33 and its 200-day moving average price is $31.72. The company has a market capitalization of $33.57 billion, a PE ratio of 12.64, a PEG ratio of 0.17 and a beta of 1.69. The company has a current ratio of 1.40, a quick ratio of 0.59 and a debt-to-equity ratio of 0.19.

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

Hedge Funds Weigh In On ArcelorMittal

Several large investors have recently modified their holdings of MT. Moody National Bank Trust Division bought a new position in ArcelorMittal in the third quarter worth about $240,000. GAMMA Investing LLC raised its holdings in shares of ArcelorMittal by 13.3% during the third quarter. GAMMA Investing LLC now owns 2,749 shares of the basic materials company's stock valued at $99,000 after buying an additional 323 shares during the last quarter. Osaic Holdings Inc. raised its holdings in shares of ArcelorMittal by 16.2% during the second quarter. Osaic Holdings Inc. now owns 16,796 shares of the basic materials company's stock valued at $530,000 after buying an additional 2,338 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of ArcelorMittal by 8.2% during the second quarter. Tower Research Capital LLC TRC now owns 123,457 shares of the basic materials company's stock valued at $3,899,000 after buying an additional 9,401 shares during the last quarter. Finally, Vident Advisory LLC raised its holdings in shares of ArcelorMittal by 4.8% during the second quarter. Vident Advisory LLC now owns 18,878 shares of the basic materials company's stock valued at $596,000 after buying an additional 869 shares during the last quarter. Institutional investors 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.

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