Short Interest in ArcelorMittal S.A. (NYSE:MT) Drops By 27.3%

ArcelorMittal S.A. (NYSE:MT) saw a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 3,630,000 shares, a decline of 27.3% from the October 31st total of 4,990,000 shares. Currently, 0.5% of the company’s shares are sold short. Based on an average daily trading volume, of 1,570,000 shares, the days-to-cover ratio is presently 2.3 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MT shares. Barclays upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. JPMorgan Chase & Co. cut ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and raised their price target for the stock from $29.00 to $31.00 in a research note on Wednesday, August 28th. Finally, Bank of America raised 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 report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $31.17.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently made changes to their positions in MT. Blue Trust Inc. boosted its stake in shares of ArcelorMittal by 1,820.0% during the second quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 1,911 shares in the last quarter. Mather Group LLC. boosted its position in ArcelorMittal by 1,388.6% during the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after purchasing an additional 2,069 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in ArcelorMittal by 298.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock valued at $54,000 after purchasing an additional 1,771 shares during the last quarter. CWM LLC raised its holdings in ArcelorMittal by 378.2% in the second quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock worth $113,000 after purchasing an additional 3,899 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of ArcelorMittal during the second quarter valued at about $156,000. Institutional investors own 9.88% of the company’s stock.

ArcelorMittal Trading Up 2.9 %

MT stock traded up $0.72 during mid-day trading on Friday, reaching $25.28. The company had a trading volume of 864,404 shares, compared to its average volume of 1,660,574. The company has a market capitalization of $20.36 billion, a PE ratio of -17.93, a price-to-earnings-growth ratio of 0.60 and a beta of 1.77. The firm has a 50 day moving average of $24.87 and a 200 day moving average of $23.97. ArcelorMittal has a 12 month low of $20.52 and a 12 month high of $29.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, November 7th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. The company had revenue of $15.20 billion for 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%. ArcelorMittal’s revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 earnings per share. On average, equities analysts predict that ArcelorMittal will post 3.02 earnings per share for the current fiscal year.

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.