Short Interest in ArcelorMittal S.A. (NYSE:MT) Drops By 27.3%

ArcelorMittal S.A. (NYSE:MT) saw a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 3,630,000 shares, a decrease of 27.3% from the October 31st total of 4,990,000 shares. Based on an average daily volume of 1,570,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 0.5% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. lowered ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Barclays raised ArcelorMittal from an “equal weight” rating to an “overweight” rating in a report on Monday, August 19th. Deutsche Bank Aktiengesellschaft raised ArcelorMittal from a “hold” rating to a “buy” rating and increased their price objective for the stock from $29.00 to $31.00 in a report on Wednesday, August 28th. Finally, Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.17.

Institutional Investors Weigh In On ArcelorMittal

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of ArcelorMittal by 1,820.0% during the 2nd quarter. Blue Trust Inc. now owns 2,016 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 1,911 shares during the last quarter. Mather Group LLC. lifted its position in shares of ArcelorMittal by 1,388.6% during the 2nd quarter. Mather Group LLC. now owns 2,218 shares of the basic materials company’s stock valued at $51,000 after acquiring an additional 2,069 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of ArcelorMittal by 298.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,365 shares of the basic materials company’s stock valued at $54,000 after acquiring an additional 1,771 shares during the last quarter. CWM LLC lifted its position in shares of ArcelorMittal by 378.2% during the 2nd quarter. CWM LLC now owns 4,930 shares of the basic materials company’s stock valued at $113,000 after acquiring an additional 3,899 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of ArcelorMittal during the 2nd quarter valued at $156,000. 9.88% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Stock Performance

MT stock traded up $0.75 on Friday, reaching $25.31. The company’s stock had a trading volume of 864,404 shares, compared to its average volume of 1,604,668. ArcelorMittal has a 52 week low of $20.52 and a 52 week high of $29.01. The company has a market capitalization of $20.38 billion, a P/E ratio of -17.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.77. The firm has a fifty day moving average of $24.85 and a two-hundred day moving average of $23.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, November 7th. The basic materials company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The firm had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.10 earnings per share. As a group, analysts predict that ArcelorMittal will post 3.02 EPS for the current fiscal year.

ArcelorMittal Company Profile

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.