ArcelorMittal (NYSE:MT) Reaches New 52-Week High Following Analyst Upgrade

ArcelorMittal (NYSE:MT) reached a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $39.00 to $47.00. Wells Fargo & Company currently has an equal weight rating on the stock. ArcelorMittal traded as high as $50.54 and last traded at $50.6440, with a volume of 72521 shares trading hands. The stock had previously closed at $48.83.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reissued a “hold (c)” rating on shares of ArcelorMittal in a report on Wednesday, October 8th. Oddo Bhf raised ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Morgan Stanley upgraded shares of ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, January 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $49.00 target price on shares of ArcelorMittal in a report on Wednesday, November 26th. Finally, UBS Group lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a research note on Monday, November 17th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, ArcelorMittal currently has a consensus rating of “Hold” and an average price target of $40.98.

Hedge Funds Weigh In On ArcelorMittal

Several large investors have recently made changes to their positions in MT. True Wealth Design LLC boosted its position in ArcelorMittal by 41.4% during the fourth quarter. True Wealth Design LLC now owns 799 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 234 shares during the last quarter. Merit Financial Group LLC boosted its holdings in shares of ArcelorMittal by 3.1% during the 3rd quarter. Merit Financial Group LLC now owns 9,453 shares of the basic materials company’s stock worth $342,000 after purchasing an additional 283 shares during the last quarter. GK Wealth Management LLC grew its position in shares of ArcelorMittal by 4.1% in the third quarter. GK Wealth Management LLC now owns 7,129 shares of the basic materials company’s stock valued at $258,000 after purchasing an additional 284 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of ArcelorMittal by 4.5% in the second quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock valued at $232,000 after purchasing an additional 318 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of ArcelorMittal by 13.3% in the 3rd quarter. GAMMA Investing LLC now owns 2,749 shares of the basic materials company’s stock valued at $99,000 after acquiring an additional 323 shares during the period. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Price Performance

The company has a current ratio of 1.39, a quick ratio of 0.58 and a debt-to-equity ratio of 0.19. The company’s fifty day moving average is $44.56 and its two-hundred day moving average is $38.59. The stock has a market cap of $39.25 billion, a price-to-earnings ratio of 15.07, a P/E/G ratio of 0.18 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, November 6th. The basic materials company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04. ArcelorMittal had a return on equity of 4.94% and a net margin of 4.23%.The firm had revenue of $15.66 billion for the quarter, compared to analyst estimates of $15.88 billion. During the same quarter in the prior year, the company posted $0.63 earnings per share. ArcelorMittal’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, research analysts predict that ArcelorMittal will post 3.72 earnings per share for the current year.

About ArcelorMittal

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.