ArcelorMittal (NYSE:MT) Shares Gap Down to $16.72

ArcelorMittal SA (NYSE:MT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $17.06, but opened at $16.72. ArcelorMittal shares last traded at $16.25, with a volume of 2,798,600 shares trading hands.

Several equities research analysts recently commented on the company. Deutsche Bank cut 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. Credit Suisse Group restated a “buy” rating on shares of ArcelorMittal in a research report on Tuesday, September 10th. Commerzbank lowered ArcelorMittal from a “buy” rating to a “hold” rating in a research report on Monday, November 11th. Societe Generale lowered ArcelorMittal from a “buy” rating to a “sell” rating in a research report on Tuesday, November 5th. Finally, UBS Group upgraded ArcelorMittal from a “neutral” rating to a “buy” rating in a research report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.14.

The firm has a fifty day simple moving average of $15.11 and a 200-day simple moving average of $15.82. The firm has a market cap of $16.60 billion, a P/E ratio of 2.82 and a beta of 2.42. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.42 and a quick ratio of 0.52.

ArcelorMittal (NYSE:MT) last announced its quarterly earnings results on Thursday, November 7th. The basic materials company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.24). The firm had revenue of $16.63 billion during the quarter, compared to the consensus estimate of $16.70 billion. ArcelorMittal had a return on equity of 4.20% and a net margin of 0.85%. The firm’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.89 EPS. On average, equities analysts predict that ArcelorMittal SA will post -0.15 earnings per share for the current year.

A number of large investors have recently made changes to their positions in the business. Wetherby Asset Management Inc. boosted its holdings in ArcelorMittal by 6.5% in the third quarter. Wetherby Asset Management Inc. now owns 17,424 shares of the basic materials company’s stock worth $248,000 after acquiring an additional 1,071 shares in the last quarter. Assetmark Inc. bought a new position in ArcelorMittal in the second quarter worth approximately $30,000. Signaturefd LLC boosted its holdings in ArcelorMittal by 32.8% in the third quarter. Signaturefd LLC now owns 8,637 shares of the basic materials company’s stock worth $123,000 after acquiring an additional 2,134 shares in the last quarter. Wedbush Securities Inc. boosted its holdings in ArcelorMittal by 10.9% in the second quarter. Wedbush Securities Inc. now owns 26,533 shares of the basic materials company’s stock worth $478,000 after acquiring an additional 2,616 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in ArcelorMittal by 275.1% in the third quarter. Lindbrook Capital LLC now owns 4,332 shares of the basic materials company’s stock worth $62,000 after acquiring an additional 3,177 shares in the last quarter. Institutional investors and hedge funds own 2.56% 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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