ArcelorMittal (NYSE:MT) Shares Gap Up – Here’s Why

ArcelorMittal S.A. (NYSE:MT) gapped up prior to trading on Thursday . The stock had previously closed at $25.48, but opened at $27.40. ArcelorMittal shares last traded at $27.98, with a volume of 1,114,629 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $30.00 to $32.90 in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal Stock Up 11.8 %

The firm has a market cap of $23.34 billion, a P/E ratio of -20.27, a P/E/G ratio of 0.49 and a beta of 1.74. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average price of $23.89 and a 200-day moving average price of $23.80.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, February 6th. The basic materials company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. On average, equities analysts forecast that ArcelorMittal S.A. will post 2.73 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds have recently made changes to their positions in MT. Geneos Wealth Management Inc. lifted its holdings in shares of ArcelorMittal by 89.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 536 shares during the last quarter. GAMMA Investing LLC raised its stake in ArcelorMittal by 68.5% in the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after buying an additional 595 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in ArcelorMittal by 76.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock worth $137,000 after acquiring an additional 2,586 shares in the last quarter. Park Avenue Securities LLC acquired a new stake in ArcelorMittal in the fourth quarter worth about $212,000. Finally, Atria Investments Inc purchased a new stake in shares of ArcelorMittal during the third quarter worth about $244,000. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.