ArcelorMittal (NYSE:MT) Shares Gap Up to $12.90

ArcelorMittal SA (NYSE:MT)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $12.54, but opened at $12.90. ArcelorMittal shares last traded at $13.09, with a volume of 3,924,718 shares.

MT has been the subject of a number of recent research reports. ValuEngine upgraded shares of ArcelorMittal from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Credit Suisse Group reiterated a “buy” rating on shares of ArcelorMittal in a research note on Tuesday, September 10th. UBS Group reiterated a “neutral” rating on shares of ArcelorMittal in a research note on Wednesday. Deutsche Bank decreased their price target on shares of ArcelorMittal from $25.00 to $18.00 and set a “buy” rating for the company in a research note on Monday. Finally, Goldman Sachs Group upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating in a research note on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $25.14.

The firm has a market cap of $13.35 billion, a PE ratio of 2.27 and a beta of 2.41. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.52 and a current ratio of 1.41. The firm’s 50-day moving average price is $14.49 and its two-hundred day moving average price is $17.06.

ArcelorMittal (NYSE:MT) last issued its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.49 earnings per share for the quarter, hitting the consensus estimate of $0.49. The business had revenue of $19.28 billion during the quarter, compared to the consensus estimate of $18.90 billion. ArcelorMittal had a net margin of 2.73% and a return on equity of 8.39%. The company’s revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.83 EPS. As a group, sell-side analysts predict that ArcelorMittal SA will post 0.86 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the company. Luminus Management LLC lifted its position in shares of ArcelorMittal by 116.1% during the 2nd quarter. Luminus Management LLC now owns 3,729,282 shares of the basic materials company’s stock worth $67,239,000 after buying an additional 2,003,515 shares during the last quarter. Highline Capital Management L.P. purchased a new stake in shares of ArcelorMittal during the 2nd quarter worth approximately $56,117,000. Renaissance Technologies LLC lifted its position in shares of ArcelorMittal by 192.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,349,300 shares of the basic materials company’s stock worth $42,358,000 after buying an additional 1,545,029 shares during the last quarter. Morgan Stanley lifted its position in shares of ArcelorMittal by 23.7% during the 2nd quarter. Morgan Stanley now owns 417,678 shares of the basic materials company’s stock worth $7,531,000 after buying an additional 80,096 shares during the last quarter. Finally, Aperio Group LLC lifted its position in shares of ArcelorMittal by 22.1% during the 2nd quarter. Aperio Group LLC now owns 395,224 shares of the basic materials company’s stock worth $7,126,000 after buying an additional 71,471 shares during the last quarter. Institutional investors and hedge funds own 2.59% of the company’s stock.

About ArcelorMittal (NYSE:MT)

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. It operates through five segments: NAFTA, Brazil, Europe, ACIS, and Mining. The company produces finished and semi-finished steel products with various specifications.

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