ArcelorMittal (NYSE:MT) Shares Gap Up – What’s Next?

ArcelorMittal S.A. (NYSE:MT) shares gapped up prior to trading on Thursday . The stock had previously closed at $23.77, but opened at $24.95. ArcelorMittal shares last traded at $24.81, with a volume of 305,538 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MT shares. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $30.00 to $32.90 in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised shares of ArcelorMittal from a “hold” rating to a “buy” rating and boosted their target price for the stock from $29.00 to $31.00 in a research report on Wednesday, August 28th. Finally, Barclays raised shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Monday, August 19th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, ArcelorMittal currently has an average rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Trading Up 4.4 %

The stock has a market cap of $19.98 billion, a price-to-earnings ratio of -17.71, a price-to-earnings-growth ratio of 0.47 and a beta of 1.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.59 and a current ratio of 1.46. The company’s 50 day simple moving average is $24.36 and its two-hundred day simple moving average is $24.03.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. The company had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.10 earnings per share. Research analysts expect that ArcelorMittal S.A. will post 3 EPS for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in shares of ArcelorMittal by 1,820.0% in the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after buying an additional 1,911 shares in the last quarter. Mather Group LLC. lifted its holdings in ArcelorMittal by 1,388.6% during the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 2,069 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in ArcelorMittal by 298.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock valued at $54,000 after purchasing an additional 1,771 shares during the last quarter. Headlands Technologies LLC bought a new position in ArcelorMittal during the 1st quarter valued at about $71,000. Finally, CWM LLC lifted its holdings in ArcelorMittal by 378.2% during the 2nd quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock valued at $113,000 after purchasing an additional 3,899 shares during the last quarter. Institutional investors and hedge funds own 9.88% of the company’s stock.

About ArcelorMittal

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.