ArcelorMittal (NYSE:MT) Short Interest Update

Key Points

• Short interest fell 17% in April to 2,465,709 shares, leaving a short-interest ratio of 1.5 days and about 0.3% of the float sold short.
• Analysts are split—six Buy, six Hold and one Sell—with a consensus rating of "Hold" and an average price target of $60.73.
• Shares trade near $58 with a market cap of about $44.96 billion and a P/E of 14.09, and ArcelorMittal pays a quarterly dividend of $0.15 (annualized $0.60, ~1.0% yield).

ArcelorMittal (NYSE:MT - Get Free Report) was the recipient of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 2,465,709 shares, a decrease of 17.0% from the March 31st total of 2,969,376 shares. Based on an average daily trading volume, of 1,603,326 shares, the short-interest ratio is currently 1.5 days. Approximately 0.3% of the company's stock are sold short.

Analyst Ratings Changes

Several equities research analysts have recently commented on MT shares. Citigroup reissued a "buy" rating on shares of ArcelorMittal in a research report on Friday, February 13th. Wells Fargo & Company reissued a "positive" rating and set a $60.00 price objective (up from $54.00) on shares of ArcelorMittal in a report on Wednesday, April 15th. Weiss Ratings restated a "hold (c)" rating on shares of ArcelorMittal in a report on Monday, April 20th. Jefferies Financial Group raised ArcelorMittal from a "hold" rating to a "buy" rating and lifted their target price for the company from $51.10 to $73.20 in a research report on Wednesday, February 11th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of ArcelorMittal in a report on Tuesday, February 17th. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $60.73.

ArcelorMittal Trading Up 3.7%

NYSE:MT opened at $58.01 on Thursday. The firm's 50 day moving average is $57.46 and its 200 day moving average is $50.19. ArcelorMittal has a 12 month low of $29.26 and a 12 month high of $67.60. The stock has a market capitalization of $44.96 billion, a PE ratio of 14.09, a price-to-earnings-growth ratio of 0.51 and a beta of 1.49. The company has a current ratio of 1.36, a quick ratio of 0.53 and a debt-to-equity ratio of 0.19.

ArcelorMittal (NYSE:MT - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The basic materials company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.30. The firm had revenue of $14.97 billion for the quarter, compared to analysts' expectations of $15.56 billion. ArcelorMittal had a return on equity of 5.27% and a net margin of 5.14%.The business's revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 EPS. Sell-side analysts expect that ArcelorMittal will post 4.51 earnings per share for the current year.

ArcelorMittal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Friday, November 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, November 13th. ArcelorMittal's dividend payout ratio (DPR) is currently 12.44%.

Institutional Trading of ArcelorMittal

Institutional investors have recently modified their holdings of the business. Jackson Thornton Wealth Management LLC purchased a new position in ArcelorMittal in the 1st quarter valued at approximately $260,000. Abel Hall LLC purchased a new position in shares of ArcelorMittal in the first quarter valued at $216,000. Venturi Wealth Management LLC raised its stake in shares of ArcelorMittal by 78.0% during the 1st quarter. Venturi Wealth Management LLC now owns 7,882 shares of the basic materials company's stock valued at $410,000 after purchasing an additional 3,453 shares during the period. Aaron Wealth Advisors LLC raised its stake in shares of ArcelorMittal by 4.9% during the 1st quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company's stock valued at $295,000 after purchasing an additional 263 shares during the period. Finally, Kestra Private Wealth Services LLC lifted its holdings in ArcelorMittal by 2.4% during the 1st quarter. Kestra Private Wealth Services LLC now owns 33,924 shares of the basic materials company's stock worth $1,763,000 after purchasing an additional 796 shares in the last quarter. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

About ArcelorMittal

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world's largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal's operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.

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