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

Shares of ArcelorMittal S.A. (NYSE:MT) gapped down prior to trading on Thursday . The stock had previously closed at $33.06, but opened at $31.70. ArcelorMittal shares last traded at $31.97, with a volume of 248,483 shares changing hands.

Analysts Set New Price Targets

Separately, Morgan Stanley cut shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday, February 14th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.17.

ArcelorMittal Stock Performance

The stock has a market capitalization of $25.88 billion, a P/E ratio of 19.15, a PEG ratio of 0.14 and a beta of 1.79. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.59 and a current ratio of 1.35. The company’s fifty day simple moving average is $27.84 and its two-hundred day simple moving average is $25.45.

ArcelorMittal (NYSE:MT) last released its quarterly earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.31%. As a group, equities analysts forecast that ArcelorMittal S.A. will post 3.72 EPS for the current year.

ArcelorMittal Dividend Announcement

The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, December 3rd. Stockholders of record on Thursday, November 13th will be issued a dividend of $0.275 per share. The ex-dividend date is Wednesday, November 12th. This represents a dividend yield of 1.5%. ArcelorMittal’s dividend payout ratio is presently 25.45%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in shares of 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 purchasing an additional 595 shares during the period. Natixis Advisors LLC increased its holdings in shares of ArcelorMittal by 171.4% during the third quarter. Natixis Advisors LLC now owns 130,100 shares of the basic materials company’s stock worth $3,416,000 after purchasing an additional 82,164 shares during the period. Bank of New York Mellon Corp boosted its position in shares of ArcelorMittal by 221.3% during the 4th quarter. Bank of New York Mellon Corp now owns 3,403,048 shares of the basic materials company’s stock worth $78,712,000 after acquiring an additional 2,344,020 shares in the last quarter. Callan Family Office LLC acquired a new stake in shares of ArcelorMittal during the 4th quarter worth approximately $207,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in shares of ArcelorMittal during the 4th quarter worth approximately $256,000. 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.