ArcelorMittal (NYSE:MT) Trading 6.7% Higher – Time to Buy?

ArcelorMittal (NYSE:MT)’s stock price traded up 6.7% on Thursday . The company traded as high as $63.66 and last traded at $63.2140. Approximately 1,456,850 shares were traded during trading, a decline of 24% from the average session volume of 1,922,570 shares. The stock had previously closed at $59.26.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MT shares. Wells Fargo & Company boosted their price objective on ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Santander cut shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 21st. KeyCorp initiated coverage on shares of ArcelorMittal in a report on Wednesday, March 25th. They issued a “sector weight” rating for the company. Weiss Ratings raised ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a report on Monday, May 4th. Finally, Citigroup restated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, May 20th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $61.07.

ArcelorMittal Trading Up 5.6%

The company has a market capitalization of $48.51 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 0.48 and a beta of 1.55. The company has a quick ratio of 0.54, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average price is $63.86 and its two-hundred day moving average price is $57.64.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business had revenue of $15.46 billion during the quarter, compared to analyst estimates of $17.04 billion. During the same quarter in the prior year, the company posted $1.05 EPS. ArcelorMittal’s quarterly revenue was up 4.5% compared to the same quarter last year. Sell-side analysts anticipate that ArcelorMittal will post 4.72 earnings per share for the current year.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers grew its holdings in ArcelorMittal by 1.0% in the fourth quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock worth $838,000 after purchasing an additional 190 shares during the period. TD Waterhouse Canada Inc. increased its position in shares of ArcelorMittal by 11.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock valued at $98,000 after acquiring an additional 216 shares in the last quarter. True Wealth Design LLC raised its holdings in ArcelorMittal by 41.4% in the 4th quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 234 shares during the last quarter. Aaron Wealth Advisors LLC raised its position in ArcelorMittal by 4.9% in the 1st quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company’s stock worth $295,000 after buying an additional 263 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in ArcelorMittal by 16.4% during the 4th quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock valued at $112,000 after acquiring an additional 346 shares during the period. 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.