ArcelorMittal (NYSE:MT) Sets New 1-Year High – Here’s Why

ArcelorMittal (NYSE:MT) shares hit a new 52-week high on Wednesday . The company traded as high as $48.67 and last traded at $48.4120, with a volume of 252065 shares trading hands. The stock had previously closed at $48.08.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. UBS Group cut ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Oddo Bhf upgraded ArcelorMittal from a “neutral” rating to an “outperform” rating in a research report on Wednesday. Wells Fargo & Company reiterated a “cautious” rating and set a $39.00 price objective (up previously from $33.00) on shares of ArcelorMittal in a research report on Thursday, October 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group reiterated a “neutral” rating on shares of ArcelorMittal in a report on Friday, October 10th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, ArcelorMittal presently has a consensus rating of “Hold” and a consensus target price of $38.98.

ArcelorMittal Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.39 and a quick ratio of 0.58. The stock has a 50-day moving average price of $43.56 and a 200 day moving average price of $38.01. The firm has a market cap of $37.47 billion, a price-to-earnings ratio of 14.37, a PEG ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04. The business had revenue of $15.66 billion for the quarter, compared to analyst estimates of $15.88 billion. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. The company’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 earnings per share. As a group, equities research analysts forecast that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MT. Dimensional Fund Advisors LP grew its position in ArcelorMittal by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 3,171,378 shares of the basic materials company’s stock worth $114,647,000 after acquiring an additional 55,549 shares in the last quarter. UBS Group AG increased its holdings in shares of ArcelorMittal by 405.2% during the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after purchasing an additional 947,532 shares during the period. Maple Rock Capital Partners Inc. bought a new stake in shares of ArcelorMittal in the 3rd quarter worth approximately $41,399,000. Bank of America Corp DE boosted its stake in ArcelorMittal by 15.6% during the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock worth $34,267,000 after buying an additional 128,045 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in ArcelorMittal by 17.4% in the third quarter. American Century Companies Inc. now owns 461,149 shares of the basic materials company’s stock valued at $16,671,000 after acquiring an additional 68,505 shares during the period. Hedge funds and other institutional investors own 9.29% of the company’s stock.

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.