ArcelorMittal (NYSE:MT) Reaches New 12-Month High – Here’s What Happened

Shares of ArcelorMittal (NYSE:MT) reached a new 52-week high during trading on Monday . The stock traded as high as $66.98 and last traded at $66.8350, with a volume of 1605795 shares trading hands. The stock had previously closed at $65.20.

Analyst Ratings Changes

MT has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of ArcelorMittal from $47.00 to $54.00 and gave the company an “equal weight” rating in a report on Friday, February 6th. Santander raised shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research note on Wednesday, January 21st. Oddo Bhf upgraded shares of ArcelorMittal from a “neutral” rating to an “outperform” rating in a report on Wednesday, January 14th. Finally, Jefferies Financial Group upgraded ArcelorMittal from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.10 to $73.20 in a report on Wednesday, February 11th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, ArcelorMittal has a consensus rating of “Moderate Buy” and a consensus price target of $51.98.

ArcelorMittal Stock Performance

The stock has a 50 day moving average price of $52.32 and a two-hundred day moving average price of $42.82. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.36 and a quick ratio of 0.53. The company has a market capitalization of $51.80 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 0.57 and a beta of 1.52.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings data on Thursday, February 5th. The basic materials company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.30. ArcelorMittal had a net margin of 5.14% and a return on equity of 5.27%. The firm had revenue of $14.97 billion during the quarter, compared to analysts’ expectations of $15.56 billion. During the same quarter in the previous year, the company posted $0.52 EPS. ArcelorMittal’s revenue was up 1.7% on a year-over-year basis. On average, analysts predict that ArcelorMittal will post 3.72 EPS for the current fiscal year.

ArcelorMittal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Friday, November 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.60 annualized dividend and a dividend yield of 0.9%. ArcelorMittal’s payout ratio is 12.44%.

Hedge Funds Weigh In On ArcelorMittal

Several institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. increased its stake in shares of ArcelorMittal by 39.1% during the second quarter. American Century Companies Inc. now owns 392,644 shares of the basic materials company’s stock worth $12,400,000 after purchasing an additional 110,420 shares during the period. Covalis Capital LLP acquired a new position in ArcelorMittal in the 2nd quarter valued at $3,644,000. Vise Technologies Inc. bought a new position in ArcelorMittal during the 2nd quarter worth $430,000. Arrow Capital Pty Ltd acquired a new stake in shares of ArcelorMittal during the second quarter worth $5,206,000. Finally, Creative Planning boosted its position in shares of ArcelorMittal by 13.5% in the second quarter. Creative Planning now owns 73,957 shares of the basic materials company’s stock valued at $2,336,000 after acquiring an additional 8,768 shares during the period. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Company Profile

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.