ArcelorMittal (NYSE:MT) Shares Gap Down to $23.48

ArcelorMittal S.A. (NYSE:MT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $23.48, but opened at $22.74. ArcelorMittal shares last traded at $22.88, with a volume of 442,370 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group started coverage on shares of ArcelorMittal in a research note on Thursday, May 9th. They set a “neutral” rating and a $29.60 price target on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $31.00 price objective (down previously from $34.00) on shares of ArcelorMittal in a report on Tuesday, April 16th. Finally, StockNews.com lowered shares of ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ArcelorMittal currently has an average rating of “Hold” and a consensus target price of $30.30.

ArcelorMittal Price Performance

The company has a market cap of $18.51 billion, a price-to-earnings ratio of 25.76, a price-to-earnings-growth ratio of 0.28 and a beta of 1.83. The company has a fifty day simple moving average of $25.28 and a two-hundred day simple moving average of $26.51. The company has a quick ratio of 0.65, a current ratio of 1.55 and a debt-to-equity ratio of 0.15.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, May 2nd. The basic materials company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.93 by $0.23. The business had revenue of $16.28 billion for the quarter, compared to analyst estimates of $16.67 billion. ArcelorMittal had a net margin of 1.15% and a return on equity of 8.29%. The company’s quarterly revenue was down 12.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 earnings per share. On average, equities research analysts anticipate that ArcelorMittal S.A. will post 4.14 earnings per share for the current fiscal year.

ArcelorMittal Dividend Announcement

The company also recently announced a Semi-Annual dividend, which was paid on Wednesday, June 12th. Investors of record on Friday, May 17th were given a dividend of $0.213 per share. The ex-dividend date was Thursday, May 16th. ArcelorMittal’s dividend payout ratio (DPR) is currently 48.31%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MT. Maple Rock Capital Partners Inc. acquired a new position in ArcelorMittal during the first quarter valued at approximately $36,406,000. MMCAP International Inc. SPC lifted its holdings in shares of ArcelorMittal by 103.4% during the 1st quarter. MMCAP International Inc. SPC now owns 650,820 shares of the basic materials company’s stock valued at $17,950,000 after acquiring an additional 330,820 shares in the last quarter. Appian Way Asset Management LP purchased a new stake in ArcelorMittal during the 3rd quarter worth $4,786,000. Crestline Management LP purchased a new position in ArcelorMittal in the fourth quarter valued at about $2,839,000. Finally, BNP Paribas Financial Markets purchased a new position in ArcelorMittal in the first quarter valued at about $2,705,000. Institutional investors and hedge funds own 9.88% of the company’s stock.

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.