ArcelorMittal (NYSE:MT) Shares Gap Up – Time to Buy?

ArcelorMittal S.A. (NYSE:MT) gapped up prior to trading on Monday . The stock had previously closed at $27.74, but opened at $30.27. ArcelorMittal shares last traded at $30.14, with a volume of 966,285 shares changing hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on MT shares. Bank of America upgraded ArcelorMittal from a “neutral” rating to a “buy” rating and raised their price target for the stock from $30.00 to $32.90 in a research note on Thursday, November 14th. Morgan Stanley lowered shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, ArcelorMittal currently has an average rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal Price Performance

The company has a 50-day moving average of $25.33 and a 200-day moving average of $24.67. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.59 and a current ratio of 1.35. The stock has a market cap of $27.60 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 0.14 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, February 6th. The basic materials company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.31% and a net margin of 2.14%. As a group, equities research analysts predict that ArcelorMittal S.A. will post 3.72 earnings per share for the current year.

Institutional Trading of ArcelorMittal

Institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. raised its position in ArcelorMittal by 89.6% in the fourth 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 increased its holdings 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 in the last quarter. US Bancorp DE lifted its stake in shares of ArcelorMittal by 5.0% in the fourth quarter. US Bancorp DE now owns 15,085 shares of the basic materials company’s stock valued at $349,000 after purchasing an additional 717 shares during the period. Dorsey & Whitney Trust CO LLC boosted its holdings in ArcelorMittal by 9.1% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 9,545 shares of the basic materials company’s stock worth $221,000 after buying an additional 797 shares in the last quarter. Finally, United Capital Financial Advisors LLC grew its position in ArcelorMittal by 11.5% during the fourth quarter. United Capital Financial Advisors LLC now owns 10,940 shares of the basic materials company’s stock worth $253,000 after buying an additional 1,129 shares during the period. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

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.