ArcelorMittal (NYSE:MT) Hits New 1-Year High – What’s Next?

ArcelorMittal (NYSE:MT) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $74.88 and last traded at $74.1360, with a volume of 240517 shares trading hands. The stock had previously closed at $71.83.

Analysts Set New Price Targets

MT has been the subject of several analyst reports. Santander lowered shares of ArcelorMittal from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 21st. Jefferies Financial Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Monday, July 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $75.00 price objective on shares of ArcelorMittal in a research note on Friday. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. Finally, Wells Fargo & Company upped their price objective on shares of ArcelorMittal from $62.00 to $69.00 and gave the company an “equal weight” rating in a research note on Friday. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, ArcelorMittal presently has an average rating of “Moderate Buy” and an average target price of $72.40.

ArcelorMittal Price Performance

The company’s 50-day moving average is $66.15 and its 200-day moving average is $60.89. The firm has a market capitalization of $57.34 billion, a price-to-earnings ratio of 31.34, a PEG ratio of 0.55 and a beta of 1.55. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57.

Institutional Trading of ArcelorMittal

A number of institutional investors and hedge funds have recently made changes to their positions in MT. AQR Capital Management LLC raised its stake in shares of ArcelorMittal by 75.0% in the 1st quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock worth $982,000 after buying an additional 14,593 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in ArcelorMittal by 44.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock valued at $47,000 after acquiring an additional 501 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of ArcelorMittal during the second quarter worth approximately $232,000. Russell Investments Group Ltd. grew its position in ArcelorMittal by 9.4% during the second quarter. Russell Investments Group Ltd. now owns 37,029 shares of the basic materials company’s stock valued at $1,169,000 after purchasing an additional 3,171 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in ArcelorMittal by 268.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,422 shares of the basic materials company’s stock worth $76,000 after buying an additional 1,765 shares in the last quarter. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.