ArcelorMittal (NYSE:MT) Shares Gap Up – Should You Buy?

ArcelorMittal S.A. (NYSE:MT)’s stock price gapped up before the market opened 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 Analyst Weigh In

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

ArcelorMittal Trading Up 3.2 %

The firm has a market capitalization of $20.35 billion, a price-to-earnings ratio of -17.91, a price-to-earnings-growth ratio of 0.46 and a beta of 1.77. The company has a fifty day moving average price of $24.40 and a 200-day moving average price of $24.03. The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16.

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

Institutional Trading of ArcelorMittal

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC bought a new position in shares of ArcelorMittal in the third quarter valued at approximately $642,000. Envestnet Asset Management Inc. raised its holdings in ArcelorMittal by 61.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 85,710 shares of the basic materials company’s stock worth $1,965,000 after acquiring an additional 32,469 shares during the period. Blue Trust Inc. lifted its position in ArcelorMittal by 1,820.0% during the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 1,911 shares during the last quarter. AQR Capital Management LLC acquired a new position in ArcelorMittal during the 2nd quarter worth $571,000. Finally, Mediolanum International Funds Ltd bought a new stake in ArcelorMittal during the third quarter valued at about $3,042,000. 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.