ArcelorMittal (NYSE:MT) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

by · The Cerbat Gem

ArcelorMittal (NYSE:MT – Get Free Report)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.93 and traded as high as $66.66. ArcelorMittal shares last traded at $66.0250, with a volume of 2,355,003 shares changing hands.

Analysts Set New Price Targets

MT has been the subject of several analyst reports. Weiss Ratings raised shares of ArcelorMittal from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, May 4th. Wells Fargo & Company raised their price target on ArcelorMittal from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Citigroup reaffirmed a “buy” rating on shares of ArcelorMittal in a report on Wednesday, May 20th. KeyCorp assumed coverage on ArcelorMittal in a report on Wednesday, March 25th. They set a “sector weight” rating for the company. Finally, JPMorgan Chase & Co. downgraded ArcelorMittal from an “overweight” rating to an “underweight” rating in a report on Monday, March 9th. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, ArcelorMittal has a consensus rating of “Hold” and a consensus price target of $61.07.

View Our Latest Stock Analysis on ArcelorMittal

ArcelorMittal Stock Down 0.1%

The firm has a fifty day simple moving average of $57.74 and a 200-day simple moving average of $52.93. The firm has a market cap of $51.17 billion, a price-to-earnings ratio of 17.33, a P/E/G ratio of 0.53 and a beta of 1.48. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.54 and a current ratio of 1.39.

ArcelorMittal (NYSE:MT – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.04. ArcelorMittal had a return on equity of 4.77% and a net margin of 4.71%.The business had revenue of $15.46 billion during the quarter, compared to the consensus estimate of $17.04 billion. During the same quarter last year, the firm posted $1.05 EPS. The company’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, sell-side analysts expect that ArcelorMittal will post 4.69 EPS for the current year.

Institutional Investors Weigh In On ArcelorMittal

A number of hedge funds and other institutional investors have recently modified their holdings of the company. AlphaCore Capital LLC raised its stake in ArcelorMittal by 672.4% in the third quarter. AlphaCore Capital LLC now owns 31,894 shares of the basic materials company’s stock valued at $1,153,000 after purchasing an additional 27,765 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in ArcelorMittal in the fourth quarter valued at about $1,126,000. Carrera Capital Advisors acquired a new position in ArcelorMittal in the fourth quarter valued at about $4,673,000. American Century Companies Inc. raised its stake in ArcelorMittal by 17.4% in the third quarter. American Century Companies Inc. now owns 461,149 shares of the basic materials company’s stock valued at $16,671,000 after purchasing an additional 68,505 shares in the last quarter. Finally, Retirement Systems of Alabama acquired a new position in ArcelorMittal in the fourth quarter valued at about $30,721,000. Institutional investors and hedge funds own 9.29% of the company’s stock.

ArcelorMittal Company Profile

(Get Free Report)

ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.

ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.

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