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

ArcelorMittal S.A. (NYSE:MT)’s stock price 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 traded.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and increased their target price for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, ArcelorMittal presently has an average rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Stock Performance

The company has a market capitalization of $22.82 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 0.56 and a beta of 1.74. The stock has a 50 day simple moving average of $23.97 and a 200 day simple moving average of $23.83. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.24% and a net margin of 2.14%. As a group, analysts anticipate that ArcelorMittal S.A. will post 3.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ArcelorMittal

Several hedge funds have recently made changes to their positions in MT. Geneos Wealth Management Inc. boosted its stake 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 worth $26,000 after acquiring an additional 536 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of ArcelorMittal by 68.5% in the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 595 shares during the period. Smartleaf Asset Management LLC increased its stake in ArcelorMittal by 76.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock worth $137,000 after purchasing an additional 2,586 shares in the last quarter. Callan Family Office LLC acquired a new stake in ArcelorMittal during the 4th quarter worth about $207,000. Finally, PNC Financial Services Group Inc. raised its holdings in ArcelorMittal by 23.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company’s stock worth $210,000 after buying an additional 1,702 shares during the period. Institutional investors and hedge funds own 9.29% 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.