ArcelorMittal (NYSE:MT) Stock Price Up 7.1% – Should You Buy?

ArcelorMittal S.A. (NYSE:MT) rose 7.1% during mid-day trading on Wednesday . The company traded as high as $32.39 and last traded at $32.40. Approximately 2,496,272 shares traded hands during trading, an increase of 47% from the average daily volume of 1,697,984 shares. The stock had previously closed at $30.26.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Bank of America raised ArcelorMittal from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $30.00 to $32.90 in a research report on Thursday, November 14th. Morgan Stanley cut shares of ArcelorMittal from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, ArcelorMittal currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Price Performance

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 stock’s fifty day moving average price is $25.33 and its 200-day moving average price is $24.67. The firm has a market cap of $27.30 billion, a PE ratio of 20.17, a P/E/G ratio of 0.14 and a beta of 1.74.

ArcelorMittal (NYSE:MT) last posted its quarterly earnings results on Thursday, February 6th. The basic materials company reported $0.52 earnings per share (EPS) 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 4.31%. As a group, equities analysts forecast that ArcelorMittal S.A. will post 3.72 EPS for the current fiscal year.

Institutional Investors Weigh In On ArcelorMittal

Institutional investors and hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. raised its position in ArcelorMittal by 89.6% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 536 shares during the last quarter. GAMMA Investing LLC increased its stake 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 purchasing an additional 595 shares in the last quarter. BNP Paribas Financial Markets raised 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 purchasing an additional 2,110 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in ArcelorMittal by 76.6% in the 4th 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 acquired a new stake in ArcelorMittal during the 4th quarter valued at $207,000. 9.29% of the stock is currently owned by hedge funds and other institutional investors.

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.