ArcelorMittal (NYSE:MT) Reaches New 12-Month High – Time to Buy?

ArcelorMittal S.A. (NYSE:MT)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $30.38 and last traded at $29.49, with a volume of 4527977 shares trading hands. The stock had previously closed at $27.74.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and upped their price objective for the company 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 note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, ArcelorMittal has a consensus rating of “Moderate Buy” and an average price target of $31.17.

ArcelorMittal Stock Performance

The company has a market capitalization of $27.60 billion, a P/E ratio of 20.42, a price-to-earnings-growth ratio of 0.14 and a beta of 1.74. The stock’s 50 day moving average price is $25.54 and its 200 day moving average price is $24.73. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.59 and a current ratio of 1.35.

ArcelorMittal (NYSE:MT) last issued its earnings results 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 4.31% and a net margin of 2.14%. As a group, equities analysts expect that ArcelorMittal S.A. will post 3.72 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MT. Bank of New York Mellon Corp lifted its stake in shares of ArcelorMittal by 221.3% in the fourth quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company’s stock valued at $78,712,000 after buying an additional 2,344,020 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of ArcelorMittal by 146.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,535,319 shares of the basic materials company’s stock valued at $35,512,000 after purchasing an additional 912,984 shares during the last quarter. ABC Arbitrage SA purchased a new stake in shares of ArcelorMittal in the fourth quarter valued at about $9,895,000. FMR LLC raised its holdings in shares of ArcelorMittal by 46.7% in the third quarter. FMR LLC now owns 1,317,833 shares of the basic materials company’s stock valued at $34,606,000 after purchasing an additional 419,465 shares during the last quarter. Finally, OLD Mission Capital LLC raised its holdings in shares of ArcelorMittal by 145.8% in the fourth quarter. OLD Mission Capital LLC now owns 678,350 shares of the basic materials company’s stock valued at $15,690,000 after purchasing an additional 402,402 shares during the last quarter. 9.29% of the stock is owned by institutional investors.

ArcelorMittal Company Profile

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.