ArcelorMittal Sees Unusually Large Options Volume (NYSE:MT)

ArcelorMittal (NYSE:MT) saw unusually large options trading on Friday. Stock traders acquired 16,438 call options on the stock. This represents an increase of 415% compared to the average volume of 3,190 call options.

Analysts Set New Price Targets

MT has been the topic of several recent research reports. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research report on Friday, November 7th. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $49.00 price objective on shares of ArcelorMittal in a research note on Wednesday, November 26th. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, ArcelorMittal presently has a consensus rating of “Hold” and an average price target of $38.98.

ArcelorMittal Trading Up 3.0%

MT stock traded up $1.39 during midday trading on Friday, hitting $46.96. The stock had a trading volume of 526,311 shares, compared to its average volume of 1,050,999. The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19. The firm has a market cap of $36.39 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 0.20 and a beta of 1.58. The business has a fifty day moving average price of $42.16 and a two-hundred day moving average price of $36.99. ArcelorMittal has a 1-year low of $21.59 and a 1-year high of $47.00.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The firm had revenue of $15.66 billion during the quarter, compared to the consensus estimate of $15.88 billion. During the same period last year, the business posted $0.63 EPS. The business’s revenue was up 3.0% compared to the same quarter last year. On average, sell-side analysts predict that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds have recently added to or reduced their stakes in MT. Merit Financial Group LLC boosted its holdings in shares of ArcelorMittal by 3.1% during the 3rd quarter. Merit Financial Group LLC now owns 9,453 shares of the basic materials company’s stock worth $342,000 after buying an additional 283 shares in the last quarter. GK Wealth Management LLC lifted its position in shares of ArcelorMittal by 4.1% during the 3rd quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock valued at $258,000 after acquiring an additional 284 shares during the period. Janney Montgomery Scott LLC boosted its stake in ArcelorMittal by 4.5% during the second quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock worth $232,000 after acquiring an additional 318 shares in the last quarter. GAMMA Investing LLC grew its holdings in ArcelorMittal by 13.3% in the third quarter. GAMMA Investing LLC now owns 2,749 shares of the basic materials company’s stock worth $99,000 after purchasing an additional 323 shares during the period. Finally, CWM LLC increased its stake in ArcelorMittal by 23.3% in the third quarter. CWM LLC now owns 1,826 shares of the basic materials company’s stock valued at $66,000 after purchasing an additional 345 shares in the last quarter. 9.29% of the stock is currently owned by 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.