ArcelorMittal (MT) Shares Gap Down to $22.41

ArcelorMittal SA (NYSE:MT) shares gapped down before the market opened on Friday . The stock had previously closed at $22.89, but opened at $22.41. ArcelorMittal shares last traded at $21.96, with a volume of 2351355 shares trading hands.

A number of brokerages recently issued reports on MT. ValuEngine cut shares of ArcelorMittal from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Zacks Investment Research cut shares of ArcelorMittal from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 4th. UBS Group raised shares of ArcelorMittal from a “sell” rating to a “neutral” rating in a research report on Friday, November 9th. Deutsche Bank reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Tuesday, November 6th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Monday, September 17th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.50.

The company has a current ratio of 1.38, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $22.95 billion, a PE ratio of 4.11, a PEG ratio of 2.31 and a beta of 2.02.

ArcelorMittal (NYSE:MT) last issued its earnings results on Thursday, November 1st. The basic materials company reported $1.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.11). The firm had revenue of $18.52 billion during the quarter, compared to analysts’ expectations of $19.33 billion. ArcelorMittal had a return on equity of 12.59% and a net margin of 6.62%. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period last year, the firm posted $1.18 earnings per share. Analysts predict that ArcelorMittal SA will post 5.03 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of MT. First Trust Advisors LP bought a new stake in shares of ArcelorMittal in the second quarter worth approximately $1,233,000. Bank of New York Mellon Corp grew its stake in shares of ArcelorMittal by 9.2% in the second quarter. Bank of New York Mellon Corp now owns 62,213 shares of the basic materials company’s stock worth $1,791,000 after acquiring an additional 5,244 shares during the period. BlackRock Inc. grew its stake in shares of ArcelorMittal by 2.7% in the second quarter. BlackRock Inc. now owns 89,829 shares of the basic materials company’s stock worth $2,586,000 after acquiring an additional 2,364 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of ArcelorMittal by 7.0% in the second quarter. PNC Financial Services Group Inc. now owns 46,167 shares of the basic materials company’s stock worth $1,329,000 after acquiring an additional 3,036 shares during the period. Finally, FMR LLC grew its stake in shares of ArcelorMittal by 6.7% in the second quarter. FMR LLC now owns 2,895,387 shares of the basic materials company’s stock worth $83,329,000 after acquiring an additional 181,968 shares during the period. 3.13% of the stock is owned by institutional investors and hedge funds.

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About ArcelorMittal (NYSE:MT)

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.

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