ArcelorMittal (NYSE:MT) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

ArcelorMittal (NYSE:MT) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $36.57 and traded as high as $46.57. ArcelorMittal shares last traded at $46.3050, with a volume of 1,089,459 shares.

Analysts Set New Price Targets

MT has been the topic of several recent research reports. 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. JPMorgan Chase & Co. upgraded shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. The Goldman Sachs Group restated a “neutral” rating on shares of ArcelorMittal in a research report on Friday, October 10th. Citigroup reiterated a “buy” rating on shares of ArcelorMittal in a research report on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research note 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, the company presently has a consensus rating of “Hold” and a consensus price target of $38.98.

ArcelorMittal Price Performance

The firm has a market capitalization of $35.89 billion, a P/E ratio of 13.78, a PEG ratio of 0.20 and a beta of 1.58. The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $41.60 and its 200-day moving average is $36.61.

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

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors and hedge funds have recently added to or reduced their stakes in MT. Caxton Associates LLP bought a new stake in shares of ArcelorMittal during the third quarter worth $597,000. Qube Research & Technologies Ltd raised its position in ArcelorMittal by 9.1% in the third quarter. Qube Research & Technologies Ltd now owns 170,102 shares of the basic materials company’s stock valued at $6,149,000 after purchasing an additional 14,207 shares during the last quarter. Prelude Capital Management LLC acquired a new stake in shares of ArcelorMittal during the third quarter valued at about $235,000. Mariner LLC grew its holdings in shares of ArcelorMittal by 8.3% during the third quarter. Mariner LLC now owns 34,137 shares of the basic materials company’s stock worth $1,234,000 after purchasing an additional 2,626 shares during the last quarter. Finally, Focus Partners Wealth acquired a new position in shares of ArcelorMittal in the third quarter valued at approximately $224,000. Institutional investors own 9.29% of the company’s stock.

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.