Short Interest in ArcelorMittal S.A. (NYSE:MT) Decreases By 25.0%

ArcelorMittal S.A. (NYSE:MT) was the target of a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 4,110,000 shares, a drop of 25.0% from the January 15th total of 5,480,000 shares. Based on an average daily volume of 1,780,000 shares, the days-to-cover ratio is presently 2.3 days. Currently, 0.5% of the shares of the stock are sold short.

ArcelorMittal Price Performance

Shares of NYSE MT traded down $0.13 during trading hours on Friday, reaching $28.58. 1,547,140 shares of the stock traded hands, compared to its average volume of 2,024,448. The company has a market capitalization of $23.41 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 0.56 and a beta of 1.74. The company has a quick ratio of 0.59, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. ArcelorMittal has a 52-week low of $20.52 and a 52-week high of $29.38. The company’s 50-day simple moving average is $24.33 and its two-hundred day simple moving average is $24.08.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings data on Thursday, February 6th. The basic materials company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.09). ArcelorMittal had a net margin of 2.14% and a return on equity of 4.24%. Equities research analysts forecast that ArcelorMittal will post 3.6 EPS for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley cut ArcelorMittal from an “overweight” rating to an “equal weight” rating in a report on Friday. Bank of America raised 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 report on Thursday, November 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $31.17.

Hedge Funds Weigh In On ArcelorMittal

Large investors have recently modified their holdings of the company. Geneos Wealth Management Inc. raised its holdings 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 valued at $26,000 after buying an additional 536 shares in the last quarter. GAMMA Investing LLC grew its position in ArcelorMittal by 68.5% during the 4th quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 595 shares during the last quarter. Smartleaf Asset Management LLC grew its position in ArcelorMittal by 76.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock worth $137,000 after acquiring an additional 2,586 shares during the last quarter. Callan Family Office LLC bought a new position in ArcelorMittal during the 4th quarter worth approximately $207,000. Finally, PNC Financial Services Group Inc. grew its position in ArcelorMittal by 23.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 9,076 shares of the basic materials company’s stock worth $210,000 after acquiring an additional 1,702 shares during the last quarter. 9.29% of the stock is owned by hedge funds and other 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.