ArcelorMittal (NYSE:MT) Trading Down 2.7% – Here’s Why

ArcelorMittal S.A. (NYSE:MT) shares fell 2.7% during mid-day trading on Friday . The company traded as low as $22.23 and last traded at $22.25. 315,438 shares changed hands during trading, a decline of 58% from the average session volume of 747,768 shares. The stock had previously closed at $22.86.

Wall Street Analysts Forecast Growth

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

ArcelorMittal Trading Down 3.1 %

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 company has a fifty day simple moving average of $24.57 and a 200-day simple moving average of $23.75. The company has a market capitalization of $17.83 billion, a PE ratio of -15.70, a PEG ratio of 0.61 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last posted its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. ArcelorMittal had a positive return on equity of 5.26% and a negative net margin of 1.99%. The company had revenue of $15.20 billion for the quarter, compared to the consensus estimate of $15.11 billion. During the same quarter in the previous year, the business earned $1.10 earnings per share. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. Analysts predict that ArcelorMittal S.A. will post 2.93 EPS for the current year.

Institutional Trading of ArcelorMittal

Several hedge funds have recently added to or reduced their stakes in MT. Oppenheimer Asset Management Inc. raised its holdings in ArcelorMittal by 154.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 57,106 shares of the basic materials company’s stock worth $1,500,000 after purchasing an additional 34,688 shares in the last quarter. Natixis Advisors LLC grew 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 last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of ArcelorMittal during the third quarter worth about $642,000. Envestnet Asset Management Inc. lifted its holdings in shares of ArcelorMittal by 61.0% in the 2nd 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 during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in shares of ArcelorMittal in the 2nd quarter valued at about $571,000. 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.