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

ArcelorMittal (NYSE:MT)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $74.88 and last traded at $74.1360, with a volume of 240517 shares trading hands. The stock had previously closed at $71.83.

Analyst Ratings Changes

Several research analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating on shares of ArcelorMittal in a report on Monday, July 6th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $75.00 price objective on shares of ArcelorMittal in a research note on Friday, July 31st. Morgan Stanley restated an “overweight” rating on shares of ArcelorMittal in a research report on Wednesday. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Tuesday. Finally, Wells Fargo & Company boosted their price objective on ArcelorMittal from $62.00 to $69.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. Six equities 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.40.

ArcelorMittal Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 0.57. The firm has a market capitalization of $58.48 billion, a P/E ratio of 31.97, a P/E/G ratio of 0.57 and a beta of 1.53. The firm’s 50 day simple moving average is $66.42 and its two-hundred day simple moving average is $61.26.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently modified their holdings of MT. Cetera Investment Advisers lifted its position in ArcelorMittal by 1.0% during the 4th quarter. Cetera Investment Advisers now owns 18,386 shares of the basic materials company’s stock worth $838,000 after acquiring an additional 190 shares in the last quarter. TD Waterhouse Canada Inc. raised its stake in ArcelorMittal by 11.2% during the fourth quarter. TD Waterhouse Canada Inc. now owns 2,141 shares of the basic materials company’s stock worth $98,000 after acquiring an additional 216 shares during the period. Aaron Wealth Advisors LLC increased its position in ArcelorMittal by 4.9% in the first quarter. Aaron Wealth Advisors LLC now owns 5,671 shares of the basic materials company’s stock worth $295,000 after buying an additional 263 shares during the period. Parallel Advisors LLC grew its holdings in ArcelorMittal by 16.4% in the 4th quarter. Parallel Advisors LLC now owns 2,455 shares of the basic materials company’s stock worth $112,000 after buying an additional 346 shares in the last quarter. Finally, GC Wealth Management RIA LLC increased its stake in ArcelorMittal by 4.2% during the 1st quarter. GC Wealth Management RIA LLC now owns 10,186 shares of the basic materials company’s stock valued at $529,000 after buying an additional 413 shares during the period. Hedge funds and other 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.