ArcelorMittal (NYSE:MT) Shares Gap Down to $14.76

ArcelorMittal SA (NYSE:MT) shares gapped down before the market opened on Monday . The stock had previously closed at $15.36, but opened at $14.76. ArcelorMittal shares last traded at $14.32, with a volume of 2,053,600 shares changing hands.

Several research firms have commented on MT. Credit Suisse Group reaffirmed a “buy” rating on shares of ArcelorMittal in a research note on Tuesday, September 10th. Zacks Investment Research downgraded ArcelorMittal from a “hold” rating to a “sell” rating and set a $15.00 price objective for the company. in a research note on Friday. ValuEngine upgraded ArcelorMittal from a “sell” rating to a “hold” rating in a research report on Friday. Deutsche Bank dropped their target price on ArcelorMittal from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Finally, UBS Group reiterated a “neutral” rating on shares of ArcelorMittal in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. ArcelorMittal currently has an average rating of “Hold” and a consensus price target of $21.14.

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 company has a 50-day simple moving average of $14.60 and a 200-day simple moving average of $16.91. The company has a market cap of $14.28 billion, a price-to-earnings ratio of 2.49 and a beta of 2.41.

ArcelorMittal (NYSE:MT) last released its earnings results on Thursday, August 1st. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.49. ArcelorMittal had a return on equity of 8.39% and a net margin of 2.73%. The company had revenue of $19.28 billion for the quarter, compared to analysts’ expectations of $18.90 billion. During the same quarter in the previous year, the firm posted $1.83 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, equities research analysts forecast that ArcelorMittal SA will post 0.74 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MT. Assetmark Inc. acquired a new stake in shares of ArcelorMittal in the 2nd quarter worth approximately $30,000. Quantamental Technologies LLC grew its holdings in shares of ArcelorMittal by 536.3% in the 2nd quarter. Quantamental Technologies LLC now owns 5,008 shares of the basic materials company’s stock worth $90,000 after acquiring an additional 4,221 shares during the period. NEXT Financial Group Inc grew its holdings in shares of ArcelorMittal by 1,541.5% in the 2nd quarter. NEXT Financial Group Inc now owns 5,499 shares of the basic materials company’s stock worth $99,000 after acquiring an additional 5,164 shares during the period. Wetherby Asset Management Inc. grew its holdings in shares of ArcelorMittal by 14.7% in the 2nd quarter. Wetherby Asset Management Inc. now owns 16,353 shares of the basic materials company’s stock worth $295,000 after acquiring an additional 2,095 shares during the period. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of ArcelorMittal by 224.4% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 17,948 shares of the basic materials company’s stock worth $324,000 after acquiring an additional 12,415 shares during the period. Institutional investors 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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