ArcelorMittal (NYSE:MT) Shares Gap Down - Here's What Happened

ArcelorMittal S.A. (NYSE:MT - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $30.62, but opened at $29.96. ArcelorMittal shares last traded at $29.91, with a volume of 180,522 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MT. Morgan Stanley cut shares of ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 14th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of ArcelorMittal in a report on Monday, April 14th. Jefferies Financial Group cut shares of ArcelorMittal from a "buy" rating to a "hold" rating and set a $36.20 price target for the company. in a report on Wednesday, March 26th. Finally, The Goldman Sachs Group raised shares of ArcelorMittal from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $29.00 to $31.70 in a research report on Thursday, April 10th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $32.95.

ArcelorMittal Stock Performance

The stock has a market capitalization of $25.01 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 0.14 and a beta of 1.62. The company's fifty day simple moving average is $28.96 and its 200 day simple moving average is $27.27. The company has a quick ratio of 0.59, a current ratio of 1.35 and a debt-to-equity ratio of 0.17.

ArcelorMittal (NYSE:MT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.71 by $0.33. ArcelorMittal had a net margin of 2.14% and a return on equity of 4.31%. The firm had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $15.11 billion. During the same period in the previous year, the company earned $1.16 earnings per share. The company's quarterly revenue was down 9.1% on a year-over-year basis. On average, equities research analysts expect that ArcelorMittal S.A. will post 3.72 earnings per share for the current year.

ArcelorMittal Cuts Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, June 11th. Investors of record on Monday, May 19th will be paid a $0.2338 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a dividend yield of 1.44%. ArcelorMittal's dividend payout ratio (DPR) is presently 30.07%.

Institutional Trading of ArcelorMittal

Institutional investors and hedge funds have recently made changes to their positions in the company. SVB Wealth LLC bought a new position in shares of ArcelorMittal during the first quarter valued at $43,000. Geneos Wealth Management Inc. increased its stake in ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company's stock valued at $47,000 after buying an additional 501 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of ArcelorMittal by 25.4% in the first quarter. Hexagon Capital Partners LLC now owns 1,779 shares of the basic materials company's stock valued at $51,000 after acquiring an additional 360 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 acquiring an additional 456 shares in the last quarter. Finally, Bayforest Capital Ltd increased 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 worth $62,000 after buying an additional 440 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.