ArcelorMittal (NYSE:MT) Stock Crosses Above 200-Day Moving Average - What's Next?

Key Points

• ArcelorMittal crossed above its 200-day moving average, with shares trading as high as $67.16 and last changing hands around $65.87. The move may signal improving technical momentum for the stock.
• Analyst sentiment is mixed but still constructive: the stock carries an average “Moderate Buy” rating and a consensus price target of $68.40. Recent calls included buy reiterations from Jefferies, Deutsche Bank, and Citigroup, while Santander downgraded the stock to neutral.
• The company recently beat earnings expectations, reporting $0.76 EPS versus estimates of $0.72, though revenue came in below forecasts at $15.46 billion. ArcelorMittal also reported quarterly revenue growth of 4.5% year over year, and analysts expect full-year EPS of 4.91.

Shares of ArcelorMittal (NYSE:MT - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $59.57 and traded as high as $67.16. ArcelorMittal shares last traded at $65.8710, with a volume of 1,958,802 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MT shares. KeyCorp began coverage on ArcelorMittal in a research note on Wednesday, March 25th. They issued a "sector weight" rating on the stock. Jefferies Financial Group reaffirmed a "buy" rating on shares of ArcelorMittal in a research report on Monday, July 6th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $70.00 price objective on shares of ArcelorMittal in a report on Tuesday, July 7th. Citigroup reissued a "buy" rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Finally, Santander cut ArcelorMittal from an "outperform" rating to a "neutral" rating in a research note on Tuesday, April 21st. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, ArcelorMittal has an average rating of "Moderate Buy" and an average target price of $68.40.

ArcelorMittal Price Performance

The stock's 50-day moving average is $65.30 and its 200 day moving average is $59.57. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.54 and a current ratio of 1.39. The stock has a market capitalization of $51.05 billion, a PE ratio of 17.29, a P/E/G ratio of 0.50 and a beta of 1.55.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.04. ArcelorMittal had a net margin of 4.71% and a return on equity of 4.77%. The firm had revenue of $15.46 billion during the quarter, compared to analysts' expectations of $17.04 billion. During the same period in the previous year, the company earned $1.05 earnings per share. ArcelorMittal's quarterly revenue was up 4.5% compared to the same quarter last year. As a group, equities analysts expect that ArcelorMittal will post 4.91 earnings per share for the current year.

Institutional Trading of ArcelorMittal

Institutional investors and hedge funds have recently made changes to their positions in the company. GK Wealth Management LLC acquired a new stake in shares of ArcelorMittal in the 2nd quarter valued at about $408,000. GAMMA Investing LLC increased its position in ArcelorMittal by 15.5% during the second quarter. GAMMA Investing LLC now owns 4,333 shares of the basic materials company's stock worth $261,000 after buying an additional 581 shares during the period. Moody National Bank Trust Division acquired a new position in ArcelorMittal during the second quarter worth approximately $205,000. Versant Capital Management Inc lifted its stake in ArcelorMittal by 12.9% in the second quarter. Versant Capital Management Inc now owns 9,513 shares of the basic materials company's stock valued at $573,000 after buying an additional 1,084 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in ArcelorMittal by 67.5% in the first quarter. NewEdge Advisors LLC now owns 21,359 shares of the basic materials company's stock valued at $1,110,000 after buying an additional 8,607 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other institutional investors.

ArcelorMittal Company Profile

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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