ArcelorMittal (NYSE:MT) Sees Strong Trading Volume – Here’s What Happened

Shares of ArcelorMittal S.A. (NYSE:MT) saw strong trading volume on Thursday . 3,179,128 shares traded hands during trading, an increase of 85% from the previous session’s volume of 1,717,604 shares.The stock last traded at $34.62 and had previously closed at $33.69.

Wall Street Analyst Weigh In

MT has been the subject of several recent research reports. Morgan Stanley downgraded ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 14th. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and upped their price target for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, ArcelorMittal currently has an average rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Stock Up 0.6 %

The company has a market cap of $27.78 billion, a P/E ratio of 20.55, a PEG ratio of 0.14 and a beta of 1.74. The stock has a 50-day moving average of $25.54 and a 200 day moving average of $24.73. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.35 and a quick ratio of 0.59.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, February 6th. The basic materials company reported $0.52 EPS 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%. Research analysts anticipate that ArcelorMittal S.A. will post 3.72 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. boosted its holdings in shares of ArcelorMittal by 89.6% in the 4th quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 536 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of 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 buying an additional 595 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of ArcelorMittal by 76.2% during the 4th quarter. BNP Paribas Financial Markets now owns 4,878 shares of the basic materials company’s stock worth $113,000 after buying an additional 2,110 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in ArcelorMittal by 76.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,963 shares of the basic materials company’s stock valued at $137,000 after buying an additional 2,586 shares in the last quarter. Finally, Callan Family Office LLC bought a new position in ArcelorMittal in the fourth quarter valued at about $207,000. 9.29% of the stock is currently owned by institutional investors and hedge funds.

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.