ArcelorMittal (NYSE:MT) Shares Gap Up – Still a Buy?

ArcelorMittal S.A. (NYSE:MT) gapped up before the market opened on Friday . The stock had previously closed at $24.00, but opened at $24.81. ArcelorMittal shares last traded at $24.85, with a volume of 379,702 shares traded.

Analysts Set New Price Targets

Several analysts recently commented on the stock. JPMorgan Chase & Co. lowered shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research report on Friday, October 11th. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and upped their price target for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Stock Up 3.8 %

The business has a fifty day simple moving average of $23.91 and a 200 day simple moving average of $23.68. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59. The firm has a market cap of $20.41 billion, a price-to-earnings ratio of -17.67, a PEG ratio of 0.46 and a beta of 1.75.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The firm had revenue of $15.20 billion during the quarter, compared to analysts’ expectations of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.10 earnings per share. As a group, equities analysts forecast that ArcelorMittal S.A. will post 2.63 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MT. FMR LLC boosted its position in shares of ArcelorMittal by 46.7% during the third quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock worth $34,606,000 after buying an additional 419,465 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in ArcelorMittal by 90.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,335 shares of the basic materials company’s stock valued at $16,343,000 after acquiring an additional 295,682 shares during the period. Encompass Capital Advisors LLC acquired a new position in ArcelorMittal in the 2nd quarter valued at about $12,679,000. Cerity Partners LLC increased its stake in ArcelorMittal by 128.0% during the third quarter. Cerity Partners LLC now owns 464,315 shares of the basic materials company’s stock worth $12,193,000 after purchasing an additional 260,633 shares during the period. Finally, JB Capital Partners LP increased its stake in ArcelorMittal by 17.1% during the third quarter. JB Capital Partners LP now owns 205,000 shares of the basic materials company’s stock worth $5,383,000 after purchasing an additional 30,000 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.