ArcelorMittal S.A. (NYSE:MT) Short Interest Update

ArcelorMittal S.A. (NYSE:MT) was the recipient of a significant growth in short interest in January. As of January 15th, there was short interest totalling 5,480,000 shares, a growth of 28.6% from the December 31st total of 4,260,000 shares. Based on an average trading volume of 1,610,000 shares, the short-interest ratio is currently 3.4 days. Approximately 0.7% of the company’s stock are short sold.

ArcelorMittal Price Performance

NYSE:MT traded down $0.37 during trading hours on Monday, reaching $24.34. 1,885,945 shares of the company’s stock were exchanged, compared to its average volume of 1,834,180. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $19.94 billion, a P/E ratio of -17.26, a price-to-earnings-growth ratio of 0.49 and a beta of 1.74. ArcelorMittal has a 12 month low of $20.52 and a 12 month high of $28.95. The business’s 50-day simple moving average is $23.86 and its two-hundred day simple moving average is $23.76.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The business 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%. ArcelorMittal’s revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.10 earnings per share. Sell-side analysts expect that ArcelorMittal will post 2.73 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MT shares. Bank of America raised shares of ArcelorMittal from a “neutral” rating to a “buy” rating and increased their target price for the stock from $30.00 to $32.90 in a report on Thursday, November 14th. JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, ArcelorMittal has a consensus rating of “Moderate Buy” and a consensus price target of $31.17.

Institutional Trading of ArcelorMittal

Several hedge funds and other institutional investors have recently modified their holdings of MT. Envestnet Asset Management Inc. grew its position in ArcelorMittal by 61.0% during the second quarter. Envestnet Asset Management Inc. now owns 85,710 shares of the basic materials company’s stock valued at $1,965,000 after purchasing an additional 32,469 shares in the last quarter. Sei Investments Co. increased its stake in shares of ArcelorMittal by 191.9% in the second quarter. Sei Investments Co. now owns 53,358 shares of the basic materials company’s stock worth $1,223,000 after acquiring an additional 35,077 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of ArcelorMittal during the second quarter worth $571,000. Creative Planning boosted its position in ArcelorMittal by 25.2% during the second quarter. Creative Planning now owns 49,328 shares of the basic materials company’s stock valued at $1,131,000 after purchasing an additional 9,938 shares during the last quarter. Finally, Truist Financial Corp purchased a new position in ArcelorMittal in the second quarter valued at about $250,000. Institutional investors and hedge funds own 9.29% 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.