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

Key Points

• ArcelorMittal's shares opened at $38.02, a significant increase from the previous closing price of $36.15, with a trading volume of 540,861 shares.
• Analysts have shown mixed sentiments, with Barclays downgrading the stock to "equal weight" and Wall Street Zen lowering it to "hold"; however, there are still three analysts rating it as a "buy".
• The company reported $1.32 earnings per share for the last quarter, slightly missing the analysts' consensus estimate of $1.33, while its quarterly revenue of $15.93 billion surpassed estimates.

Shares of ArcelorMittal (NYSE:MT - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $36.15, but opened at $38.02. ArcelorMittal shares last traded at $38.03, with a volume of 540,861 shares.

Analyst Ratings Changes

MT has been the subject of a number of recent analyst reports. Barclays lowered ArcelorMittal from an "overweight" rating to an "equal weight" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Finally, Wall Street Zen lowered ArcelorMittal from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $33.45.

ArcelorMittal Price Performance

The stock has a market capitalization of $31.09 billion, a price-to-earnings ratio of 11.70, a P/E/G ratio of 0.16 and a beta of 1.64. The company has a quick ratio of 0.59, a current ratio of 1.40 and a debt-to-equity ratio of 0.19. The business has a 50-day simple moving average of $33.85 and a two-hundred day simple moving average of $31.51.

ArcelorMittal (NYSE:MT - Get Free Report) last released its 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 firm had revenue of $15.93 billion during the quarter, compared to analyst estimates of $15.48 billion. During the same quarter last year, the company earned $0.63 earnings per share. The business's revenue for the quarter was down 2.0% on a year-over-year basis. As a group, research analysts predict that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Trading of ArcelorMittal

A number of hedge funds have recently modified their holdings of MT. Ameriprise Financial Inc. lifted its holdings in shares of ArcelorMittal by 25.0% in the fourth quarter. Ameriprise Financial Inc. now owns 23,540 shares of the basic materials company's stock valued at $544,000 after purchasing an additional 4,707 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of ArcelorMittal by 5.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,690 shares of the basic materials company's stock worth $594,000 after acquiring an additional 1,224 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of ArcelorMittal by 3,683.6% in the first quarter. GAMMA Investing LLC now owns 55,392 shares of the basic materials company's stock worth $15,980,000 after acquiring an additional 53,928 shares during the last quarter. QRG Capital Management Inc. increased its stake in shares of ArcelorMittal by 10.1% in the first quarter. QRG Capital Management Inc. now owns 64,380 shares of the basic materials company's stock worth $1,857,000 after acquiring an additional 5,920 shares during the last quarter. Finally, CWA Asset Management Group LLC acquired a new position in ArcelorMittal during the first quarter worth $863,000. Hedge funds and other 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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