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

ArcelorMittal S.A. (NYSE:MT) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $29.22 and last traded at $29.04, with a volume of 1566584 shares traded. The stock had previously closed at $27.37.

Analysts Set New Price Targets

Separately, Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their target price for the company from $30.00 to $32.90 in a research report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ArcelorMittal presently has an average rating of “Moderate Buy” and an average target price of $31.17.

ArcelorMittal Stock Up 5.5 %

The company has a current ratio of 1.46, a quick ratio of 0.59 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average price is $24.11 and its two-hundred day moving average price is $23.96. The company has a market capitalization of $23.67 billion, a price-to-earnings ratio of 17.48, a price-to-earnings-growth ratio of 0.56 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a return on equity of 4.24% and a net margin of 2.14%. Sell-side analysts anticipate that ArcelorMittal S.A. will post 3.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its position in shares of ArcelorMittal by 68.5% in the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 595 shares during the period. Oppenheimer Asset Management Inc. raised its stake in ArcelorMittal by 154.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 57,106 shares of the basic materials company’s stock worth $1,500,000 after purchasing an additional 34,688 shares in the last quarter. Natixis Advisors LLC boosted its holdings in ArcelorMittal by 171.4% in the 3rd quarter. Natixis Advisors LLC now owns 130,100 shares of the basic materials company’s stock valued at $3,416,000 after purchasing an additional 82,164 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of ArcelorMittal during the 3rd quarter worth approximately $642,000. Finally, AQR Capital Management LLC bought a new position in shares of ArcelorMittal during the second quarter worth approximately $571,000. 9.29% of the stock is owned by institutional investors.

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.