ArcelorMittal (NYSE:MT) Shares Gap Up to $13.26

ArcelorMittal SA (NYSE:MT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $12.98, but opened at $13.26. ArcelorMittal shares last traded at $13.42, with a volume of 2,912,669 shares changing hands.

A number of brokerages recently weighed in on MT. TheStreet downgraded shares of ArcelorMittal from a “b-” rating to a “c+” rating in a research report on Tuesday, May 21st. ValuEngine downgraded shares of ArcelorMittal from a “sell” rating to a “strong sell” rating in a research report on Friday, May 24th. Finally, Goldman Sachs Group upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating in a research report on Wednesday, June 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $26.79.

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.52. The firm has a market capitalization of $13.52 billion, a P/E ratio of 2.32 and a beta of 2.35. The company’s 50-day simple moving average is $15.43 and its two-hundred day simple moving average is $18.88.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $0.49 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. ArcelorMittal had a net margin of 2.73% and a return on equity of 8.39%. The business had revenue of $19.28 billion for the quarter, compared to the consensus estimate of $18.90 billion. During the same period last year, the firm earned $1.83 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. Analysts predict that ArcelorMittal SA will post 0.96 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MT. Geode Capital Management LLC lifted its stake in ArcelorMittal by 289.5% during the fourth quarter. Geode Capital Management LLC now owns 27,293 shares of the basic materials company’s stock worth $563,000 after purchasing an additional 20,285 shares during the last quarter. BB&T Corp grew its stake in shares of ArcelorMittal by 1.2% in the 1st quarter. BB&T Corp now owns 55,188 shares of the basic materials company’s stock valued at $1,125,000 after buying an additional 661 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in shares of ArcelorMittal in the 1st quarter valued at about $214,000. Creative Planning grew its stake in shares of ArcelorMittal by 8.4% in the 1st quarter. Creative Planning now owns 11,756 shares of the basic materials company’s stock valued at $240,000 after buying an additional 908 shares during the period. Finally, BNP Paribas Arbitrage SA grew its stake in shares of ArcelorMittal by 4,549.6% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,533 shares of the basic materials company’s stock valued at $113,000 after buying an additional 5,414 shares during the period. Institutional investors and hedge funds own 2.81% of the company’s stock.

About ArcelorMittal (NYSE:MT)

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.

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