ArcelorMittal (NYSE:MT) Short Interest Down 27.9% in August

Key Points

• ArcelorMittal's short interest fell by 27.9% in August, with 1,940,000 shares sold short as of the end of the month.
• Several hedge funds increased their stakes in ArcelorMittal, including Bank of America, which raised its holding by 56.7%.
• Wall Street analysts have a mixed outlook, with the average rating currently at "Hold" and a price target of $33.45 for the stock.

ArcelorMittal (NYSE:MT - Get Free Report) saw a significant drop in short interest in August. As of August 31st, there was short interest totaling 1,940,000 shares, a drop of 27.9% from the August 15th total of 2,690,000 shares. Based on an average daily trading volume, of 1,580,000 shares, the short-interest ratio is currently 1.2 days. Approximately 0.3% of the company's stock are sold short. Approximately 0.3% of the company's stock are sold short. Based on an average daily trading volume, of 1,580,000 shares, the short-interest ratio is currently 1.2 days.

Hedge Funds Weigh In On ArcelorMittal

Large investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in ArcelorMittal by 22.0% during the first 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 acquiring an additional 337,158 shares during the period. OLD Mission Capital LLC raised its stake in ArcelorMittal by 20.1% during the first quarter. OLD Mission Capital LLC now owns 814,793 shares of the basic materials company's stock worth $23,507,000 after acquiring an additional 136,443 shares during the period. Bank of America Corp DE raised its stake in ArcelorMittal by 56.7% during the fourth quarter. Bank of America Corp DE now owns 784,252 shares of the basic materials company's stock worth $18,140,000 after acquiring an additional 283,758 shares during the period. ABC Arbitrage SA raised its stake in ArcelorMittal by 31.0% during the first quarter. ABC Arbitrage SA now owns 560,329 shares of the basic materials company's stock worth $16,165,000 after acquiring an additional 132,535 shares during the period. Finally, Telemark Asset Management LLC acquired a new stake in ArcelorMittal during the first quarter worth about $11,540,000. Institutional investors own 9.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wells Fargo & Company raised ArcelorMittal to a "hold" rating in a report on Thursday, August 14th. Barclays downgraded ArcelorMittal from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wall Street Zen raised ArcelorMittal from a "hold" rating to a "buy" rating in a research note on Saturday. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $33.45.

ArcelorMittal Stock Performance

NYSE:MT opened at $35.00 on Tuesday. 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 firm has a 50-day moving average of $33.36 and a two-hundred day moving average of $31.20. The stock has a market cap of $28.67 billion, a P/E ratio of 10.80, a PEG ratio of 0.16 and a beta of 1.64. ArcelorMittal has a 1-year low of $21.59 and a 1-year high of $35.13.

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 analysts' consensus estimates of $1.33 by ($0.01). ArcelorMittal had a net margin of 4.11% and a return on equity of 4.99%. The firm had revenue of $15.93 billion during the quarter, compared to analysts' expectations of $15.48 billion. During the same period in the previous year, the company earned $0.63 earnings per share. The business's quarterly revenue was down 2.0% on a year-over-year basis. On average, research analysts expect that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

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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