ArcelorMittal (NYSE:MT) Sets New 12-Month Low After Earnings Miss

Shares of ArcelorMittal S.A. (NYSE:MT) reached a new 52-week low on Thursday following a dissappointing earnings announcement. The stock traded as low as $21.24 and last traded at $21.26, with a volume of 2057954 shares traded. The stock had previously closed at $22.86.

The basic materials company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.49). The firm had revenue of $16.25 billion for the quarter, compared to analysts’ expectations of $16.32 billion. ArcelorMittal had a negative net margin of 0.93% and a positive return on equity of 5.94%. The firm’s revenue was down 12.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.20 EPS.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MT shares. The Goldman Sachs Group started coverage on ArcelorMittal in a report on Thursday, May 9th. They set a “neutral” rating and a $29.60 price target for the company. Deutsche Bank Aktiengesellschaft cut their price target on ArcelorMittal from $30.00 to $29.00 and set a “hold” rating for the company in a report on Friday. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.30.

Hedge Funds Weigh In On ArcelorMittal

A number of hedge funds have recently made changes to their positions in MT. Principal Securities Inc. purchased a new stake in shares of ArcelorMittal in the fourth quarter worth about $25,000. GAMMA Investing LLC purchased a new stake in shares of ArcelorMittal in the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC lifted its position in shares of ArcelorMittal by 84.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,128 shares of the basic materials company’s stock worth $32,000 after buying an additional 517 shares in the last quarter. Blue Trust Inc. lifted its position in shares of ArcelorMittal by 336.3% in the fourth quarter. Blue Trust Inc. now owns 1,309 shares of the basic materials company’s stock worth $37,000 after buying an additional 1,009 shares in the last quarter. Finally, Mather Group LLC. lifted its position in shares of ArcelorMittal by 1,388.6% in the second quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock worth $51,000 after buying an additional 2,069 shares in the last quarter. Institutional investors own 9.88% of the company’s stock.

ArcelorMittal Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.55 and a quick ratio of 0.65. The company has a market capitalization of $16.99 billion, a PE ratio of 23.71, a P/E/G ratio of 0.34 and a beta of 1.77. The business has a 50-day moving average of $23.71 and a 200 day moving average of $25.59.

About ArcelorMittal

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.