ArcelorMittal (MT) Shares Gap Up to $30.74

Shares of ArcelorMittal (NYSE:MT) gapped up prior to trading on Thursday . The stock had previously closed at $29.88, but opened at $30.74. ArcelorMittal shares last traded at $32.17, with a volume of 5070599 shares trading hands.

Several brokerages have issued reports on MT. Bank of America upgraded ArcelorMittal from an “underperform” rating to a “neutral” rating in a report on Wednesday, January 10th. Zacks Investment Research raised ArcelorMittal from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Tuesday, January 16th. ValuEngine lowered ArcelorMittal from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 1st. Credit Suisse Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Thursday. Finally, Cowen reaffirmed a “hold” rating and issued a $35.00 price target on shares of ArcelorMittal in a research note on Thursday, January 4th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. ArcelorMittal presently has a consensus rating of “Buy” and a consensus target price of $36.00.

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The company has a market cap of $32,810.70, a P/E ratio of 5.82, a price-to-earnings-growth ratio of 0.64 and a beta of 2.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.41.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Wednesday, January 31st. The basic materials company reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.21. ArcelorMittal had a return on equity of 12.03% and a net margin of 6.65%. The business had revenue of $17.71 billion for the quarter, compared to analyst estimates of $18.34 billion. During the same quarter in the prior year, the company posted $0.39 EPS. research analysts predict that ArcelorMittal will post 3.79 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 13th. Investors of record on Friday, May 18th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Thursday, May 17th.

ArcelorMittal declared that its board has initiated a stock buyback program on Tuesday, March 13th that permits the company to buyback $280.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in ArcelorMittal by 32.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,341,298 shares of the basic materials company’s stock worth $60,312,000 after acquiring an additional 567,841 shares in the last quarter. Anchor Bolt Capital LP purchased a new stake in ArcelorMittal during the 4th quarter worth about $35,842,000. Capital Growth Management LP purchased a new stake in ArcelorMittal during the 4th quarter worth about $32,310,000. TIAA CREF Investment Management LLC increased its holdings in ArcelorMittal by 31.4% during the 4th quarter. TIAA CREF Investment Management LLC now owns 864,913 shares of the basic materials company’s stock worth $27,945,000 after purchasing an additional 206,672 shares during the period. Finally, Millennium Management LLC increased its holdings in ArcelorMittal by 67.3% during the 4th quarter. Millennium Management LLC now owns 782,879 shares of the basic materials company’s stock worth $25,295,000 after purchasing an additional 315,023 shares during the period. 4.80% of the stock is currently owned by hedge funds and other institutional investors.

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About ArcelorMittal

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through NAFTA, Brazil, Europe, ACIS, and Mining segments. The company produces finished and semi-finished steel products with various specifications.

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