ArcelorMittal (NYSE:MT) Hits New 12-Month High – Should You Buy?

ArcelorMittal (NYSE:MT)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $56.98 and last traded at $56.8730, with a volume of 32856 shares trading hands. The stock had previously closed at $56.51.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MT. Weiss Ratings reiterated a “hold (c)” rating on shares of ArcelorMittal in a research report on Wednesday, January 21st. UBS Group lowered ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. raised ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. Morgan Stanley upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Tuesday, January 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $49.00 price target on shares of ArcelorMittal in a research report on Wednesday, November 26th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $40.98.

ArcelorMittal Stock Performance

The firm has a market cap of $44.35 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. The firm’s 50 day moving average is $47.18 and its 200-day moving average is $39.93. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.58 and a current ratio of 1.39.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share 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 company had revenue of $15.66 billion for the quarter, compared to analyst estimates of $15.88 billion. During the same period last year, the company earned $0.63 earnings per share. The business’s revenue was up 3.0% compared to the same quarter last year. Sell-side analysts anticipate that ArcelorMittal will post 3.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

A number of large investors have recently added to or reduced their stakes in MT. AQR Capital Management LLC raised its position in shares of ArcelorMittal by 75.0% in the first quarter. AQR Capital Management LLC now owns 34,038 shares of the basic materials company’s stock valued at $982,000 after purchasing an additional 14,593 shares during the period. Geneos Wealth Management Inc. raised its holdings in ArcelorMittal by 44.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,635 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 501 shares during the period. Janney Montgomery Scott LLC lifted its position in ArcelorMittal by 4.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 7,359 shares of the basic materials company’s stock worth $232,000 after acquiring an additional 318 shares during the last quarter. QRG Capital Management Inc. lifted its position in ArcelorMittal by 112.5% during the 2nd quarter. QRG Capital Management Inc. now owns 136,796 shares of the basic materials company’s stock worth $4,320,000 after acquiring an additional 72,416 shares during the last quarter. Finally, Callan Family Office LLC bought a new stake in ArcelorMittal during the second quarter valued at about $315,000. Institutional investors own 9.29% of the company’s stock.

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.