ArcelorMittal (NYSE:MT) Sets New 52-Week High - Time to Buy?

Key Points

• ArcelorMittal shares reached a new 52-week high of $75.76, up 2.8%, with the stock trading above its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: five analysts rate the stock a Buy and seven rate it a Hold, producing an overall “Hold” consensus and an average price target of $74.80. Morgan Stanley is more bullish with an $82 target, while Weiss Ratings downgraded the stock to Hold.
• The company’s latest quarterly results fell short of expectations, with earnings per share of $0.90 versus the $1.18 consensus and revenue of $16.76 billion versus $17.56 billion expected, although revenue increased 5.2% year over year.

ArcelorMittal (NYSE:MT - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $75.76 and last traded at $75.7590, with a volume of 281830 shares trading hands. The stock had previously closed at $73.62.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MT. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $75.00 price target on shares of ArcelorMittal in a report on Friday, July 31st. Morgan Stanley began coverage on ArcelorMittal in a research report on Monday. They set an "overweight" rating and a $82.00 price objective for the company. JPMorgan Chase & Co. upgraded ArcelorMittal from an "underweight" rating to a "neutral" rating in a research note on Friday, July 10th. Wells Fargo & Company boosted their target price on ArcelorMittal from $62.00 to $69.00 and gave the company an "equal weight" rating in a report on Friday, July 31st. Finally, Weiss Ratings cut ArcelorMittal from a "buy (b-)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. Five analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $74.80.

ArcelorMittal Stock Up 2.8%

The stock has a market capitalization of $58.68 billion, a PE ratio of 32.04, a PEG ratio of 0.54 and a beta of 1.53. The firm's fifty day moving average is $67.60 and its 200-day moving average is $63.21. The company has a quick ratio of 0.57, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

ArcelorMittal (NYSE:MT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.28). ArcelorMittal had a net margin of 2.88% and a return on equity of 4.20%. The business had revenue of $16.76 billion during the quarter, compared to analysts' expectations of $17.56 billion. During the same period in the prior year, the firm posted $1.32 EPS. ArcelorMittal's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities research analysts predict that ArcelorMittal will post 4.48 earnings per share for the current year.

Institutional Trading of ArcelorMittal

Institutional investors have recently modified their holdings of the business. Cetera Investment Advisers increased its stake in shares of ArcelorMittal by 1.0% during the 4th quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company's stock valued at $838,000 after acquiring an additional 190 shares during the last quarter. Aaron Wealth Advisors LLC boosted its position in shares of ArcelorMittal by 4.9% in the first quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company's stock worth $295,000 after acquiring an additional 263 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of ArcelorMittal by 16.4% in the fourth quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company's stock worth $112,000 after acquiring an additional 346 shares during the last quarter. GC Wealth Management RIA LLC grew its holdings in ArcelorMittal by 4.2% in the first quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company's stock valued at $529,000 after purchasing an additional 413 shares during the period. Finally, Dorsey & Whitney Trust CO LLC grew its holdings in ArcelorMittal by 6.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 7,143 shares of the basic materials company's stock valued at $326,000 after purchasing an additional 448 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source