ArcelorMittal (NYSE:MT) Shares Gap Down – Here’s Why

ArcelorMittal S.A. (NYSE:MTGet Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $23.93, but opened at $23.39. ArcelorMittal shares last traded at $23.45, with a volume of 128,899 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MT. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a report on Friday, October 11th. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, ArcelorMittal currently has an average rating of “Moderate Buy” and an average price target of $31.17.

Check Out Our Latest Report on MT

ArcelorMittal Stock Performance

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 has a market capitalization of $19.67 billion, a PE ratio of -17.03, a PEG ratio of 0.46 and a beta of 1.75. The firm’s fifty day moving average price is $23.92 and its 200 day moving average price is $23.67.

ArcelorMittal (NYSE:MTGet Free Report) last posted its quarterly 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 company 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 business’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period last year, the business earned $1.10 EPS. On average, research analysts anticipate that ArcelorMittal S.A. will post 2.63 earnings per share for the current year.

Institutional Trading of ArcelorMittal

Institutional investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. increased its stake in shares of ArcelorMittal by 89.6% during the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 536 shares during the last quarter. GAMMA Investing LLC increased its position in ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after buying an additional 595 shares during the last quarter. Park Avenue Securities LLC acquired a new position in ArcelorMittal during the fourth quarter worth $212,000. Rhumbline Advisers raised its holdings in ArcelorMittal by 6.8% during the second quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company’s stock valued at $221,000 after buying an additional 610 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of ArcelorMittal in the fourth quarter worth about $233,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

ArcelorMittal Company Profile

(Get Free Report)

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.

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